Fitch reaffirms long-term credit rating on Segro at BBB+

Ratings agency Fitch gave its blessing to Segro´s recent cash raise on 2 September, reaffirming the property developer´s long-term credit rating at BBB+.

The equity placement would help the company finance its large development programme, Fitch said.

"Fitch expects Segro to remain well within the agency's rating guidelines over the coming years following this transaction."

Its analysts highlighted the firm´s high-quality logistics property protfolio, improved leverage and stable rental income.

Segro´s portfolio had continued to perform well since management decided to refocus on high-quality logistics assets in prime locations, benefitting from low vancy rates and moderate rental growth.

As of 1457 BST shares in Segro were up by 0.62% to 451.80p.