The affirmation reflects Wing’s successful pipeline execution and refinancing of the 2024 bond maturities. The Negative Outlook continues to reflect the limited headroom left by current credit metrics.

The Outlook change reflects the increasing leverage and declining interest cover amid an unsupportive business environment for real estate developers. Current credit metrics leave limited headroom to offset earnings volatility.

The rating affirmation reflects the issuer’s strong market position, balanced development pipeline, and sound liquidity amid the unfavourable environment for real estate developers.

The rating affirmation reflects robust market conditions, whereas the Outlook revision follows an update to Scope's real estate ratings methodology and rising interest rates. Senior unsecured debt ratings have been lowered to B+ from BB-.

The Outlook change reflects the lower leverage expectations and increasing visibility of revenues. Senior unsecured debt has been affirmed at BB-.

The downgrade follows the company's acquisition of Poland-based real estate company Echo Investment amid further plans to expand. Senior unsecured debt has also been downgraded to BB- from BBB-.