The downgrade reflects reduced debt protection post German residential acquisition and inadequate liquidity. The under-review status reflects heightened refinancing risk.

The downgrade is driven by slower than expected execution of the issuer's capital recycling and deleveraging programme, which increases the risk of weaker credit metrics that do not support an investment grade rating.

The Outlook change is driven by credit metrics that are on the verge of deteriorating to levels that are not commensurate with the rating, coupled with increased refinancing risk related to the 2026 bond, which is being addressed by deleveraging efforts.

The affirmation reflects Globe Trade Centre’s ability to remain within current rating guidelines despite increasing pressure on portfolio value and interest coverage.

Scope’s expectation of stable credit metrics drive the affirmation despite increasing pressure on portfolio value and interest coverage.

The rating affirmation is driven by GTC’s ability to keep credit metrics within the current rating guidelines despite strong growth in FY 2021 as well as substantially improved liquidity.