Derwent London PLC Credit rating upgrade (0049M)
May 01 2015 - 5:25AM
UK Regulatory
TIDMDLN
RNS Number : 0049M
Derwent London PLC
01 May 2015
1 May 2015
Derwent London plc ("Derwent London" / "the Group")
STANDARD & POOR'S RAISES DERWENT LONDON'S CREDIT RATING TO
BBB+
Standard & Poor's has raised Derwent London's long-term
corporate credit rating to BBB+ from BBB "to reflect the company's
improved financial profile". Following the conversion into new
ordinary shares of the convertible bonds 2016 in January 2015,
Derwent London estimated that the proforma December 2014 net
interest cover ratio would rise from 286% to 338% and its
loan-to-value ratio would fall from 24.0% to 19.9%. In addition
Standard & Poor's rates the outlook as stable reflecting "the
robust demand for prime office space in the center of London".
Damian Wisniewski, Finance Director, commented:
"This credit rating upgrade from Standard & Poor's is
recognition of the work that we have done over recent years to
further enhance Derwent London's financial position. Since 2012 we
have substantially refinanced the Group's debt thereby introducing
greater flexibility, diversifying our sources of finance and
significantly increasing the amount of uncharged property that we
own. Over the same period, property markets in our central London
villages have strengthened materially."
For further information, please contact:
Derwent London Damian Wisniewski, Finance Director
Tel: +44 (0)20 7659 3000 Quentin Freeman, Head of Investor
Relations
Brunswick Group Simon Sporborg
Tel: +44 (0)20 7404 5959 Nina Coad
Notes to editors
Derwent London plc
Derwent London plc owns a portfolio of commercial real estate
predominantly in central London valued at GBP4.2 billion as at 31
December 2014, making it the largest London-focused real estate
investment trust (REIT).
Our experienced team has a long track record of creating value
throughout the property cycle by regenerating our buildings via
development or refurbishment, effective asset management and
capital recycling.
We typically acquire central London properties off-market with
low capital values and modest rents in improving locations, most of
which are either in the West End or the Tech Belt. We capitalise on
the unique qualities of each of our properties - taking a fresh
approach to the regeneration of every building with a focus on
anticipating tenant requirements and an emphasis on design.
Reflecting and supporting our long-term success, the business
has a strong balance sheet with modest leverage, a robust income
stream and flexible financing.
Landmark schemes in our portfolio of 5.7 million sq ft as at 31
December 2014 include Angel Building EC1, The Buckley Building EC1,
White Collar Factory EC1, 1-2 Stephen Street W1, Horseferry House
SW1 and Tea Building E1.
In December 2014 Derwent London topped the real estate sector
for the fifth year in a row and was placed ninth overall in the
Management Today awards for 'Britain's Most Admired Companies'.
Also in 2014 the Group won the Property Week 'Developer of the
Year' and the RICS London Commercial Award, and was shortlisted for
awards by Architects' Journal, BCO, NLA and OAS. The Group was also
awarded EPRA Gold for corporate and sustainability reporting.
For further information see www.derwentlondon.com or follow us
on Twitter at @derwentlondon
Forward-looking statements
This document contains certain forward-looking statements about
the future outlook of Derwent London. By their nature, any
statements about future outlook involve risk and uncertainty
because they relate to events and depend on circumstances that may
or may not occur in the future. Actual results, performance or
outcomes may differ materially from any results, performance or
outcomes expressed or implied by such forward-looking
statements.
No representation or warranty is given in relation to any
forward-looking statements made by Derwent London, including as to
their completeness or accuracy. Derwent London does not undertake
to update any forward-looking statements whether as a result of new
information, future events or otherwise. Nothing in this
announcement should be construed as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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