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Credit rating

See our most recent credit ratings.

WDP’s strong ratings by Moody’s and Fitch

In November 2022, WDP has received first-time issuer credit ratings by Moody’s and Fitch, who both assigned a solid long-term investment grade rating with a Stable Outlook of Baa1 and BBB+ respectively, reflecting the company’s prudent financial policy, strong access to capital, track record of an earnings-based leverage ratio target (net debt / EBITDA) and a diversified tenant portfolio with a focus on long-term cash-flow generation. These ratings are further supported by a high-quality portfolio with a continued high occupancy rate, retention rate and a stable rental income (being CPI-linked).

Fitch affirmed WDP’s Long-Term Issuer Default Rating at BBB+ with a Stable Outlook in August 2023. The rating is supported by the modern portfolio with CPI-linked rent increases and green features. The rating also reflects WDP’s robust financial policies and continued financial flexibility to fund developments and acquisitions.

In November 2023, Moody’s published an update on WDP’s credit analysis. WDP’s Baa1 Long-Term Issuer Rating with a Stable Outlook reflects WDP’s moderate debt characteristics and robust ICR despite rising market interest rates, combined with a track record of prudent financial policies.

WDP receives Baa1 and BBB+ first time issuer credit ratings with stable outlook — 08/11/2022

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Moody’s assigns Baa1 first time rating to Warehouses de Pauw NV/SA — 08/11/2022

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Moody’s — Credit Opinion — 08/11/2022

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Fitch Publishes Warehouses De Pauw’s BBB+’ IDR; Stable outlook, Unsecured Debt A-’

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Fitch — Rating Report — 11/11/2022

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