Sirius Real Estate Limited (LSE:SRE, JSE:SRE, OTC:SRRLF) has had its BBB investment-grade credit rating reaffirmed by Fitch, with the rating agency giving the owner and operator of branded business and industrial parks a stable outlook on issued debt.
Fitch highlighted the resilience of Sirius' high-yielding portfolio, operating platform and refurbishment capex strategies in driving consistent rental income.
Sirius’ focus on occupancy and affordable rents at out-of-town locations also provides stability in the portfolio.
Fitch also noted that Sirius had successfully transferred some of the best practices in its German operations to drive asset-management initiatives in its BizSpace portfolio in the UK.
As noted by the rating agency, Sirius has a robust financial profile, with net debt/EBITDA leverage having returned to below 8x at the end of the 2023 financial year and no near or medium-term debt maturities following the company's successful refinancing of all of 2024's maturity debt into 2030.
"Retaining our investment-grade rating against a backdrop of ongoing market uncertainty is testament to the resilience of our portfolio, the strength of our operating platform and the value of our asset management model,” stated Sirius’ chief financial officer Chris Bowman.