Hammerson's long-term issuer default rating affirmed at 'BBB+'

Commercial property company Hammerson's long-term issuer default rating (IDR) and short-term IDR have been affirmed at 'BBB+' and 'F2' respectively by Fitch Ratings.

"Hammerson's prime portfolio of UK and French shopping centres continue to benefit from high occupancy ratios (around 98%) and stable rental income," said Fitch.

"The company's recent acquisition of the Irish loan portfolio should lead to further diversification once it is converted into ownership of prime Dublin shopping centre assets," it added in a statement.

Fitch expected Hammerson's re-leveraged balance sheet to remain in line with its rating guidelines, albeit with limited headroom.