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.

New bond issuance under MNB Bond Funding for Growth Scheme planned for Q1 2021.

The rating is driven by GTC's market positioning in CEE and SEE. The company's well located, relatively young property portfolio helps to attract blue-chip tenants, keeping occupancy high and supporting stable cash flow and credit metrics.