The rating agency HR Ratings confirmed the long-term corporate rating of Fibra Uno (FUNO) at “AAA”, with a Stable Outlook, after having reviewed the adjustments in the amount of its recent debt issue for 1,500 million pesos (mdp), to what was previously established at up to 2,000 million pesos.

The rating also takes into account the generation of Free Cash Flow (FLE), which reached 19,177 million pesos in the last 12 months until the third quarter of 2023 (3Q23), compared to 21,913 million pesos in the same period of the previous year and 17,573 million pesos in the base scenario.

Check here: Driven by demand, FIBRAS report growth during 2023

It is important to highlight that the FLE was affected by an increase in working capital requirements, attributable to the increase in rents and advance payments.

Regarding the Gross Leasable Area (GLA), a decrease of 1.6% (177,670 square meters) was recorded at the end of 3Q23 compared to the same period of the previous year, associated with the sale of properties from Vermont, Maine, California and Titan.

Regarding debt management, in the fourth quarter of 2022, the company refinanced the loans of the Titan and Vermont portfolios for $720 million, through a new sustainable bank loan for up to $750 million.

Of interest: Developers continue to invest in the transformation of office spaces

Likewise, in 1Q23, Funo issued bonds linked to sustainability - with the codes FUNO 23L and FUNO 23-2L - for a total of 6,700 million pesos, used to refinance the issuance of stock debt issued in 2018 and some credit lines to short term.

“Future projections incorporate the recovery of the load factor, driven by continued demand in the industrial and other segments, as well as an increase in demand in the commercial and office segments,” HR Ratings stated in an analysis.

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Original note