Moody’s Investors Service (Moody’s) has today affirmed the Ba1 corporate family rating of EPP, the largest retail property owner in Poland (A2 Stable).
“We are very pleased with Moody’s decision to confirm EPP’s rating. It reflects the strong fundamentals and stable outlook of our business. It also allows us to be confident while planning the further development of our assets and diversification of funding resources” said Jacek Bagiński, CFO at EPP.
In a rationale to the rating Moody’s indicated that it is supported by EPP’s solid portfolio of large shopping centres that are spread across major Polish cities and are well positioned within their catchment area. The company’s cash flow and asset values are supported by favourable macroeconomic fundamentals and strong underlying demand drives for its properties. An experienced management team with a good track record of quickly responding to the fast changing retail landscape will help sustain the current 98.4% occupancy and improve footfall and retail sales at EPP’s centres.
The stable outlook reflects Moody’s expectation that EPP will continue to generate stable cash flow while retaining high occupancy levels and a balanced growth strategy. The outlook is based on the assumption that EPP maintains good liquidity at all times. The outlook also reflects a favourable operating environment.