Just four weeks after announcing a number of remarkable refinancing transactions, GTC announces that Midroog, an affiliation of the worldwide rating company, Moody’s Investors Services (51%), assigned A2.il rating with a stable outlook for repayment capability of debt that GTC might raise in Israel, in the amount of up to € 70 million. A2.il is a local investment grade rating (for debt to be issued in Israel).
The assigned A2.il rating indicates that GTC has a high repayment capability for such debt relative to other local issuers in Israel. A stable outlook assigned by the rating reflects low expectations of a rating change over the medium term.
In the rating rationale, Midroog noted among others GTC’s strong operations, long-standing, experienced management, high quality key assets, high quality tenants, good portfolio diversity, increasing FFO, few unencumbered properties allow for financing flexibility and increased financing of these properties. Midroog also noted that the ratio of shareholders’ equity to total balance sheet is positively standing out in relation to the rating level.
“For the first time in GTC’s history the Company has been examined by a rating agency and was granted a well-deserved investment grade rating. This is the result of long-term hard work by GTC’s team that steadily but surely worked out in a methodic manner to improve the Company’s financial performance. Our pipeline of new projects continues to yield a growing FFO and I believe this high rating will support our progress in diversifying funding sources and in creation of shareholders value.”
– commented Erez Boniel, GTC’s CFO.
ABOUT MIDROOG (A subsidiary of Moody’s)
Midroog Ltd. is a credit rating agency accredited by the State of Israel. It is an affiliation of the worldwide rating company, Moody’s Investors Services (51%).
Definitions of Midroog’s ratings are available at the following website of Midroog: www.midroog.co.il, where Midroog also discloses ratings, criteria and methodology.
Neither this press release nor the ratings issued by Midroog constitute a recommendation to buy, hold, and/or sell securities and/or other financial instruments issued or relating to GTC and/or make any other investment and/or forgo any of these actions.
Neither this press release nor the ratings issued by Midroog constitute investment advice and/or financial advice, nor do they address the appropriateness of any given investment for any specific investor, in particular retail investors. Each potential investor should seek and obtain professional advice in respect of his/her investments.
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