Bulletin: CTP B.V.'s Potential IPO Should Improve Its Credit Metrics

DUBLIN (S&P Global Ratings) March 5, 2021--S&P Global Ratings said today that Czech Republic-based logistics real estate company CTP B.V.'s plan to launch an initial public offering and list its shares on Euronext Amsterdam will likely improve its credit metrics, allow it to deleverage, and bolster its balance sheet so that it can maintain its development and expansion strategy. We understand that the transaction will provide CTP with new equity of €800 million-€1 billion, with the proceeds spread across development projects, acquisitions, and debt repayment. We believe that a successful transaction will improve the company's headroom at the current 'BBB-' rating. As of Dec. 31, 2020, CTP's S&P Global Ratings-adjusted ratio of debt to debt plus equity stood at 58.9%,

...March 5, 2021 DUBLIN (S&P Global Ratings) March 5, 2021--S&P Global Ratings said today that Czech Republic-based logistics real estate company CTP B.V.'s plan to launch an initial public offering and list its shares on Euronext Amsterdam will likely improve its credit metrics, allow it to deleverage, and bolster its balance sheet so that it can maintain its development and expansion strategy. We understand that the transaction will provide CTP with new equity of 800 million-1 billion, with the proceeds spread across development projects, acquisitions, and debt repayment. We believe that a successful transaction will improve the company's headroom at the current '###-' rating. As of Dec. 31, 2020, CTP's S&P Global Ratings-adjusted ratio of debt to debt plus equity stood at 58.9%, close to our downgrade threshold of 60%. Depending on the final amount raised and the exact allocation of the proceeds, we believe that debt to debt plus equity could fall toward 50% or below, and debt to EBITDA...

Bulletin