Research Update: GPT Group Outlook Revised To Negative On Ascot Capital Acquisition; 'A' Rating Affirmed - S&P Global Ratings’ Credit Research

Research Update: GPT Group Outlook Revised To Negative On Ascot Capital Acquisition; 'A' Rating Affirmed

Research Update: GPT Group Outlook Revised To Negative On Ascot Capital Acquisition; 'A' Rating Affirmed - S&P Global Ratings’ Credit Research
Research Update: GPT Group Outlook Revised To Negative On Ascot Capital Acquisition; 'A' Rating Affirmed
Published Oct 20, 2021
Published Oct 20, 2021
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

GPT Group (GPT), an Australia-based REIT, has announced a A$682 million acquisition of 23 logistics assets and one office asset from Ascot Capital Ltd. This will increase GPT's asset allocation to the logistics segment. GPT intends to fund the acquisition with debt. As a result, we expect GPT's ratio of S&P Global Ratings adjusted funds from operations (FFO) to debt to weaken over the next 12-24 months. We have revised our outlook on GPT to negative from stable and affirmed the 'A' long-term issuer credit rating and 'A-1' short-term issuer credit rating on the group. At the same time, we affirmed the 'A' issue credit rating on the group's rated debt. The negative outlook reflects our view that the debt-funded

  
Report Type:

Research Update

Ticker
GPT@AU
Issuer
Sector
Global Issuers, Structured Finance
Country
Region
Pacific
Format:
PDF Adobe Acrobat
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: GPT Group Outlook Revised To Negative On Ascot Capital Acquisition; 'A' Rating Affirmed" Oct 20, 2021. Alacra Store. Nov 30, 2021. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-GPT-Group-Outlook-Revised-To-Negative-On-Ascot-Capital-Acquisition-A-Rating-Affirmed-2740635>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: GPT Group Outlook Revised To Negative On Ascot Capital Acquisition; 'A' Rating Affirmed Oct 20, 2021. New York, NY: Alacra Store. Retrieved Nov 30, 2021 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-GPT-Group-Outlook-Revised-To-Negative-On-Ascot-Capital-Acquisition-A-Rating-Affirmed-2740635>
  
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