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NewRiver is pleased to announce that Fitch Ratings has affirmed its Long-Term Issuer Default Rating (IDR) at ‘BBB’ with Stable Outlook, its senior unsecured rating at ‘BBB+’, and its Short-Term IDR at ‘F2’. The senior unsecured rating applies to NewRiver’s £300 million senior unsecured bond dated 2028.
NewRiver remains a financially sound business with a fully unsecured balance sheet. Our capital structure is highly efficient and covenant-light, providing the Company with significant operational flexibility, a low cost of debt of 3.3%, and long-term debt maturity, with no refinancing events until August 2023.
Mark Davies, Chief Financial Officer commented: “At a time when the retail and hospitality sector has been under pressure, it is reassuring that NewRiver has maintained its Investment Grade credit rating, with BBB+ on our corporate bond. This reaffirms the Company’s strong balance sheet, and particularly our unsecured capital structure, which has facilitated Fitch being able to report with a stable outlook.”
Fitch Ratings’ Rating Action Commentary can be read in full on the Fitch Ratings website (external link).
Tom Loughran, Head of Investor Relations (NewRiver)
+44 (0)20 3328 5800
Lucy Mitchell, Director of Communications & PR (NewRiver)
+44 (0)20 3328 5800
Gordon Simpson/James Thompson (Finsbury)
+44 (0)20 7251 3801
NewRiver REIT plc (‘NewRiver’) is a leading Real Estate Investment Trust specialising in buying, managing and developing essential retail and leisure assets throughout the UK.
Our £1.1 billion portfolio covers 9 million sq ft and comprises 33 community shopping centres, 24 conveniently located retail parks and around 700 community pubs. We hand-picked our assets to deliberately focus on occupiers providing essential goods and services, and avoid structurally challenged sub-sectors such as department stores, mid-market fashion and casual dining. This focus, combined with our affordable rents and desirable locations, delivers sustainable and growing returns for our shareholders, while our active approach to asset management and inbuilt 2.6 million sq ft development pipeline provide further opportunities to extract value from our portfolio.
NewRiver has a Premium Listing on the Main Market of the London Stock Exchange (ticker: NRR). Visit www.nrr.co.uk for further information.
LEI Number: 2138004GX1VAUMH66L31
