Fitch assesses Via Outlets

VIA Outlets, the European owner-operator of outlet shopping parks with a portfolio of eleven centres in nine European countries, has updated the market on its debt situation.

Rating agency, Fitch, says the company's balance sheet debt is fully-fixed rate and comprises mostly unsecured bonds, with no near-term debt maturities.

It added the company maintained a ‘moderate’ loan-to-value and held sufficient funds for capital expenditure and expansion plans, ensuring the company is well positioned to deliver on its growth objectives.

The agency rated Via Outlets BBB+.

VIA Outlets' 2021 occupancy cost ratio, excluding periods impacted by pandemic-related closures, was around 10% (12% with turnover rent). This points to its retailers having a higher profit margin, which combined with less-intense personnel costs and higher sales density in outlet stores underlines its sustainable rental levels.

The company said the ratings affirmation reflected its post-pandemic performance, with recovery of brand sales reaching pre-pandemic levels in the first six months of 2022.



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