Fitch Upgrades Public Property Invest to BBB ; Rates New EUR300m Bond BBB

09 Dec 2024 12:18 CET

Fitch Ratings has today upgraded Public Property Invest ASA's (PPI) Long-Term
Issuer Default Rating (IDR) to BBB' from BBB- . The Outlook is Stable. Fitch
has also assigned PPI's EUR300 million senior unsecured bond a final rating of
BBB'. The upgrade reflects improvements in PPI's financial profile following
issuance of its EUR300 million 4.625% fixed-rate bond with proceeds being used
to repay secured debt.

In its rating letter Fitch also outlines the following factors that
individually or collectively could lead to further positive rating
action/upgrade:
· Track record of acquiring complementary assets including using the currency
of PPI equity
· Net debt/EBITDA below 9x
· EBITDA net interest coverage above 2.0x
· Average debt maturity above 5 years on a sustained basis
· Fixed or hedged debt above 60% of total debt with average interest rate
maturity above 5 years

For further information, please contact: Ilija Batljan, Interim
CEO, ilija@publicproperty.no, +46 (0) 705183967, Marianne Aalby, EVP Finance
and ESG, maa@publicproperty.no, +47 92614477, or Tone K. Omsted, EVP IR and
Corporate Finance, tone.omsted@publicproperty.no, +47 98228519

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