Fitch Upgrades Public Property Invest to ‘BBB’; Rates New EUR300m Bond ‘BBB

Fitch Ratings has today upgraded Public Property Invest ASA’s (PPI) Long-Term Issuer Default Rating (IDR) to ‘BBB’ from ‘BBB-‘. The Outlook is Stable. Fitch has also assigned PPI’s EUR300 million senior unsecured bond a final rating of ‘BBB’. The upgrade reflects improvements in PPI’s financial profile following issuance of its EUR300 million 4.625% fixed-rate bond with proceeds being used to repay secured debt.

In its rating letter Fitch also outlines the following factors that individually or collectively could lead to further positive rating action/upgrade:
· Track record of acquiring complementary assets including using the currency of PPI equity
· Net debt/EBITDA below 9x
· EBITDA net interest coverage above 2.0x
· Average debt maturity above 5 years on a sustained basis 
· Fixed or hedged debt above 60% of total debt with average interest rate maturity above 5 years

For further information, please contact: Ilija Batljan, Interim CEO, [email protected], +46 (0) 705183967, Marianne Aalby, EVP Finance and ESG, [email protected], +47 92614477, or Tone K. Omsted, EVP IR and Corporate Finance, [email protected], +47 98228519