...Castellana Properties Socimi, S.A.'s rating reflects continued portfolio rotation towards larger, more dominant shopping centres (SCs). Fitch expects this to improve the group's asset quality and operating performance during FY27-FY30 (financial year to end-March). The recent sale of its largely secondary retail park assets and acquisitions of better-quality SCs in Spain, often with re-investment or expansion opportunities, and increased rents fuelling valuation increases, are consistent with previous strategies. Fitch expects leverage to remain commensurate with the rating, aided by a record of regular equity injections, with net debt/EBITDA remaining below 7x during FY27-FY30, and EBITDA net interest coverage above 3x....
