(Alliance News) - NewRiver REIT PLC on Wednesday said Fitch Ratings affirmed its long-term issuer default rating at 'BBB' with a stable outlook, senior unsecured rating at 'BBB+' and short-term issuer default rating at 'F2'.
The London-based real estate investment trust said the unsecured rating applies to NewRiver's GBP300 million unsecured bond dated 2028.
The ratings follow NewRiver's recent half-year results, which it said "demonstrated continued positive operational momentum, with active demand for space leading to our occupancy increasing to almost 98%, the highest level recorded since NewRiver was founded in 2009".
"In the affirmation of our investment grade credit ratings, Fitch has once again recognised NewRiver's differentiated position in the UK retail market, focused on providing essential goods and services to consumers on rental terms affordable to retailers," said Chief Financial Officer Will Hobman.
"This focus on resilient retail, alongside our best in class operating platform and the strength of our balance sheet, means we feel well positioned to access the growth opportunities that are now starting to emerge."
Shares in NewRiver REIT were up 0.2% to 87.60 pence each in London on Wednesday afternoon.
In November, NewRiver REIT reported a lower net asset value, citing high construction and finance costs. NAV per share as at September 30 fell to 117 pence from 122p at March 31.
NewRiver REIT's portfolio was valued at GBP553 million as at September 30, down 6.8% from GBP593.6 million at March 31 and 14% lower than GBP643.2 million a year prior. It delivered a return over the six months of 1.7%, outperforming the MSCI ALL Retail index, which had a total return of 0.3%.
By Greg Rosenvinge, Alliance News senior reporter
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NewRiver (NRR)