MNI BRIEF: BOC Says Recession Is Possible In Deep Trade War

BOC'S MACKLEM: DEEP TRADE WAR COULD LEAD TO CANADA RECESSION

BOC'S MACKLEM DOESN'T SEE 1970S STYLE STAGFLATION

MNI BRIEF:CBRT Ups O/Night Lending Rate, Policy Rate Unchanged

MNI BRIEF: US Feb Existing Home Sales Jumps To 4.26M

MNI BRIEF: China Outward Investment Up In Jan Feb

EZ/UK Bond Supply Calendar: EU-Bond Auction on Monday

US EIA:NAT GAS STORAGE +9 BCF TO 1,707 BCF MAR 14 WK

MNI: US NAR: FEB EXISTING HOME SALES 4.26M SAAR

GERMANY: Handelsblatt Report on Lingering Uncertainties Ahead of Bundestag

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

REAL ESTATE: Equinix (EQIX: Baa2 pos/BBB/BBB+): Moody's Positive

REAL ESTATE
USBulletCredit BulletsNorth America

Moody's has affirmed Equinix and changed outlook to Positive
• Large and diverse portfolio of tenants
• Dominant position with strong track-record and relationships
• Owned share was 69% of revenue up from 63% at YE22.
• Is exposed to Leasing expenses but only 10% of the space it leases expires <2030
• Owns minority stake (20-25%) in 20 xScale JVs and 16 more under construction
• NetDebt/EBITDA 4.1x and effective leverage 40.8% - expects to remain moderate
• Has >$3bn cash + $4bn RCF. $2.5bn debt matures 2025/26.
• CapEx needs $3bn 2025. Cashflow expected at $1.8bn
• Upgrade criteria seems close: ND/EBITDA 4.0x; >65% assets are owned; uses meaningful equity to grow; portfolio utilisation >80% (aggregate was 78% in 2024)

113 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Moody's has affirmed Equinix and changed outlook to Positive
• Large and diverse portfolio of tenants
• Dominant position with strong track-record and relationships
• Owned share was 69% of revenue up from 63% at YE22.
• Is exposed to Leasing expenses but only 10% of the space it leases expires <2030
• Owns minority stake (20-25%) in 20 xScale JVs and 16 more under construction
• NetDebt/EBITDA 4.1x and effective leverage 40.8% - expects to remain moderate
• Has >$3bn cash + $4bn RCF. $2.5bn debt matures 2025/26.
• CapEx needs $3bn 2025. Cashflow expected at $1.8bn
• Upgrade criteria seems close: ND/EBITDA 4.0x; >65% assets are owned; uses meaningful equity to grow; portfolio utilisation >80% (aggregate was 78% in 2024)