Following its annual review, S&P confirmed Covivio’s BBB+ rating, stable outlook. This emphasizes the robustness of the operational and financial profile of the company.
S&P highlighted the strong operational profile, diversified and supported by rental performance. As a reminder, like-for-like rental growth reached +11% in Q1 2023, with an occupancy rate of 95% and a weighted average lease break of 7 years.
S&P also stressed the robustness of the balance sheet, with a weighted-average debt maturity close to 5 years, 87% hedging ratio, with an average maturity of financial instruments of 6.3 years. S&P also indicated that credit metrics are well rooted in the thresholds of the BBB+ rating.
This confirmation once again demonstrates the resilience of Covivio’s business model and the strength of its balance sheet. Covivio’s balance sheet was recently reinforced by €279M dividend payment in shares (79% subscription).
