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Rating Action:

Moody's revises outlook on GLP's ratings to stable from negative

 The document has been translated in other languages

27 Nov 2018

Hong Kong, November 27, 2018 -- Moody's Investors Service has changed to stable from negative the rating outlook on GLP Pte. Ltd.

At the same time, Moody's has affirmed the company's Baa3 issuer rating, the (P)Baa3 rating on its senior unsecured medium-term note (MTN) program, and the Baa3 senior unsecured rating on the notes issued under the MTN program.

RATINGS RATIONALE

"The change in GLP's outlook to stable reflects the decline in its leverage since March 2018 and our expectation that its leverage will continue to improve over the next 1-2 years, driven by the company's commitment to deleveraging and steady earnings growth," says Stephanie Lau, a Moody's Vice President and Senior Analyst.

GLP has shown progress under a specific deleveraging plan since March 2018. Asset sales and project syndication have lowered its adjusted net debt/EBITDA -- after joint-venture (JV) adjustments -- to 11.9x for the 12 months ended September 2018 from 15.0x for the 12 months ended March 2018.

Moody's projects adjusted net debt/EBITDA -- after JV adjustments -- to further decline to around 9.0x in 2019. This forecast takes into account the company's demonstrated ability and commitment to selling its assets into property funds, as well as expected steady growth in earnings.

While this level of leverage is still high for the Baa3 rating category, the associated risks are mitigated by the meaningful development gains the company has generated through asset recycling, which is not reflected in its EBITDA.

GLP has executed its business plan to recycle capital partly through asset sales into the property funds that it manages. It will also utilize these funds to make further acquisitions in the future. This strategy will help control future debt growth, improve its geographical concentration risks, and boost recurring management fee income stream.

Moody's expects GLP to achieve EBITDA growth of 15%-20% annually in 2018 and 2019, supported by continued growth in rental income and steeper fund fee income. Supported by this healthy EBITDA growth, Moody's expects GLP will achieve revenue growth of 25%-30% annually over the same period, with rental income remaining the key revenue driver.

GLP's Baa3 issuer rating reflects the company's (1) large and globally diversified portfolio; (2) market-leading position; (3) diversified income streams and stable operating performance; and (4) experienced management team, with a track record in project syndication.

However, the rating is constrained by GLP's (1) private company status, which lowers its transparency, although mitigated by its strong shareholders; (2) growing financial services business in China, which raises execution risks and funding requirements; and (3) frequent acquisitions and high debt leverage.

GLP's ratings could be upgraded if it improves its geographical diversification and significantly reduces its debt leverage, such that: (1) adjusted net debt/EBITDA -- after JV adjustments -- remains below 7.0x-7.5x; and (2) EBITDA/interest coverage -- after JV adjustments -- rises above 3.0x-3.5x. GLP would also need to maintain a good level of liquidity.

On the other hand, GLP's ratings would be downgraded if: (1) its EBITDA weakens; or (2) the company fails to deleverage as planned. Specifically, downward rating pressure would emerge if net debt/EBITDA -- after JV adjustments -- fails to trend down to around 9.0x by 2019; and/or (3) EBITDA/interest coverage -- after JV adjustments -- remains below 2.0x-2.5x. A material weakening in GLP's liquidity position could also lead to a rating downgrade.

The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in September 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

GLP Pte. Ltd (formerly known as Global Logistic Properties Limited) is one of the largest operators of modern logistics centers globally, with operations in China, the US, Japan and Brazil (Ba2 stable).

GLP was privatized on 22 January 2018 at $12 billion on an equity value basis, by a consortium of members. As of 30 June 2018, shareholders include China Vanke Co., Ltd. (Baa1 stable), Bank of China Group Investment Limited, HOPU Investment Management and Hillhouse Capital.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Moody's considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody's. Unless noted in the Regulatory Disclosures as a Non-Participating Entity, the rated entity is participating and the rated entity or its agent(s) generally provides Moody's with information for the purposes of its ratings process. Please refer to www.moodys.com for the Regulatory Disclosures for each credit rating action under the ratings tab on the issuer/entity page and for details of Moody's Policy for Designating Non-Participating Rated Entities.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Stephanie Lau
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Chris Park
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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