September 03, 2024 14:44 GMT
VGP BV (VGPBB: BBB-): Fitch affirm
REAL ESTATE
- Positive: Even though Fitch only affirmed VGP, they have made it clear that the company – when viewed “as HoldCo” – has leverage at the lower end of the 7x-9x sensitivity.
- If VGP can sustain <7x then they will be in line for an upgrade to BBB.
- VGP are following the pattern of become more stable and better rated as they scale up.
- VGPBB bonds trade around +65bps to CTPNV. We see potential for compression.
Source: MNI, Bloomberg
92 words