Pan-European Logistics Company Logicor Assigned 'A-2' Short-Term Rating

  • Logicor is a large, leading pan-European logistics property company with presence in 17 countries and a 13.6-million-square-meter portfolio, valued at €12.5 billion as of Dec. 31, 2018.
  • Logicor´s liquidity position is supported by the absence of material debt maturities in the coming 12 months and its sizable €750 million revolving credit facility (RCF).
  • We are assigning our 'A-2' short-term issuer credit rating to Logicor Financing S.a.r.l., Logicor's funding vehicle.
MADRID (S&P Global Ratings) April 23, 2019--S&P Global Ratings today took the ratings actions mentioned above.
We base our 'A-2' short-term rating on our 'BBB' long-term rating on Logicor.
We expect the company will keep sufficient liquidity under its €750 million RCF (drawn about €300 million at end-2018) and experience no material debt maturities in the coming 12 months. We also understand the company aims to maintain a reasonable average debt maturity (4.4 years as of Dec. 31, 2018) under its financial policy, and progress toward an unsecured capital structure.
Our view on Logicor's business risk remains unchanged. It is underpinned by the good quality of its 621 logistic assets, its leading market position in robust markets such as the U.K., Germany, and France, and the positive tailwinds in the logistics property sector.
Logicor's financial risk is supported by the moderately prudent financial policy of restricting the loan-to-value (LTV) ratio to less than 55%. S&P Global Ratings-adjusted debt to debt plus equity was 51.3% and EBITDA interest cover stood at 3.9x, as of Dec. 31, 2018.
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