Business
SIRIUS REAL ESTATE RATED AT INVESTMENT GRADE BBB
SIRIUS REAL ESTATE RATED AT INVESTMENT GRADE BBB.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 8894Y\n Sirius Real Estate Limited\n 18 May 2021\n \n \n \n SIRIUS REAL ESTATE LIMITED\n (Incorporated in Guernsey)\n Company Number: 46442\n JSE Share Code: SRE\n LSE (GBP) Share Code: SRE\n LSE (EUR) Share Code: ESRE\n LEI: 213800NURUF5W8QSK566\n ISIN Code: GG00B1W3VF54\n \n \n 18 May 2021\n \n \n Sirius Real Estate Limited\n \n \n (\"Sirius Real Estate\", \"Sirius\" or the \"Company\")\n \n \n SIRIUS REAL ESTATE RATED AT INVESTMENT GRADE BBB BY FITCH \n \n \n \n \n Sirius is pleased to advise that Fitch Ratings has published its first credit rating for Sirius Real Estate resulting in a BBB rating with a stable outlook (Long-Term Issuer Default Rating). \n In its rating, Fitch recognised the benefits of the Sirius operating platform and the resilience of its portfolio, as evidenced by the year ended 31 March 2021 delivering the seventh consecutive year of like for like rental growth of over 5% and rent collection rates of 98%, in spite of the challenges of the Covid-19 pandemic. Fitch highlighted Sirius' financial leverage (net debt / EBITDA) and net interest cover, which are expected to stay relatively constant and compare well to other commercial real estate companies.\n Among many credit strengths, Fitch highlights the in-house digital sales and marketing capability which minimises the reliance on third party brokers. Furthermore, Sirius has a highly diversified tenant base underpinned by the stable income from the Top 50 tenants which makes up 42% of total rent income.\n HSBC acted as rating advisor to Sirius Real Estate. Sirius announces its full year results on 7 June 2021.\n \n Sirius CFO, Alistair Marks, commented:\n \"The investment-grade rating is a key milestone for Sirius Real Estate and will allow us to optimise and diversify our funding structure. It was pleasing to see the strength and resilience of our asset management model being recognised in the rating.\"\n \n \n \n \n \n \n \n \n For further information:\n \n \n Sirius Real Estate\n \n \n Andrew Coombs, CEO / Alistair Marks, CFO \n \n \n +49 (0) 30 285010110\n \n \n \n \n \n \n FTI Consulting\n \n (Financial PR)\n \n \n Richard Sunderland / Claire Turvey / James McEwan / Talia Jessener\n \n \n +44 (0) 20 3727 1000\n \n \n [email protected] \n \n \n \n \n \n \...