June 2024

Moody’s

Baa1 – Positive Outlook

Change WDP’s outlook to positive from stable; Baa1 issuer rating affirmed

The rating reflects the company’s robust operational performance – underpinned by a diversified and high-quality portfolio of logistics assets. The stable long-term rental cash flow is supported by continuously high occupancy rates and the company’s leading market position. The continued prudent financial policy and adherence to it, is evidenced by a consistent track record of execution and strong access to capital. The changed Outlook to Positive reflects Moody’s expectation that WDP will continue to grow its cash flow and maintains good liquidity while retaining high occupancy levels and a balanced growth strategy without compromising the capital structure, within a still favourable operating environment. Moody’s further expects continuous strong budget execution and supportive financial policies. This will provide WDP sufficient time to adapt its business to the higher interest rate environment, while maintaining robust profitability.

Nov. 2023

Moody’s

Baa1 – Stable Outlook

Affirmation Baa1 issuer rating with stable outlook

The rating reflects WDP’s moderate debt characteristics and robust ICR despite rising market interest rates, combined with a track record of prudent financial policies.

Aug. 2023

Fitch

BBB+ — Stable Outlook

Affirmation long-term IDR at ​‘BBB+’; Stable and senior unsecured rating at ​‘A-’

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.

Nov. 2022

Fitch

BBB+ — Stable Outlook

Assignment long-term IDR at ​‘BBB+’; Stable and senior unsecured rating at ​‘A-’

This rating reflects 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. The rating is supported by a high-quality portfolio with a continued high occupancy rate, retention rate and a stable rental income (being CPI-linked).

Nov. 2022

Moody’s

Baa1 – Stable Outlook

Assignment first-time Baa1 issuer rating with stable outlook

This rating reflects 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. The rating is supported by a high-quality portfolio with a continued high occupancy rate, retention rate and a stable rental income (being CPI-linked).