Research Update: Logistics Real Estate Company CTP N.V. 'BBB-' Ratings Affirmed On Successful IPO; Outlook Stable

CTP N.V. raised €854.2 million of gross proceeds (€819.7 million net) by launching an IPO on Euronext Amsterdam. The transaction has enhanced the company's financial flexibility to accelerate future growth plans and still maintain credit metrics in line with the current rating. We expect CTP's credit metrics to improve and create headroom under our current rating with S&P Global Ratings-adjusted debt to debt plus equity declining pro-forma to about 48.0% from 58.9% at year-end 2020, and debt to EBITDA falling to about 11.0x from 14.1x by year-end 2020. We are affirming our 'BBB-' long-term issuer credit rating on CTP N.V. and the 'BBB-' issue ratings on its senior unsecured bonds. The stable outlook reflects that we expect CTP's portfolio to

...- CTP N.V. raised 854.2 million of gross proceeds (819.7 million net) by launching an IPO on Euronext Amsterdam. The transaction has enhanced the company's financial flexibility to accelerate future growth plans and still maintain credit metrics in line with the current rating. - We expect CTP's credit metrics to improve and create headroom under our current rating with S&P Global Ratings-adjusted debt to debt plus equity declining pro-forma to about 48.0% from 58.9% at year-end 2020, and debt to EBITDA falling to about 11.0x from 14.1x by year-end 2020. - We are affirming our '###-' long-term issuer credit rating on CTP N.V. and the '###-' issue ratings on its senior unsecured bonds. - The stable outlook reflects that we expect CTP's portfolio to continue generating stable rental income growth over the next 12-24 months, thanks to robust demand for industrial and logistical assets in the company's operating environment. We anticipate that CTP's adjusted debt-to-debt-plus-equity ratio will...

Research Update