Rating Agency Rating Type Rating Outlook
S&P long term rating BBB+ negative
S&P short term rating A-2
S&P Maalot long term rating iIAA+ negative
S&P Maalot short term rating iIA-1+
Moody's long term rating (unsolicited) Baa1 negative

Grand City maintains investment-grade credit rating from Standard & Poor’s (S&P) and a unsolicited rating by Moody’s Investors Service (Moody’s), with current long-term issuer ratings of BBB+ and Baa1, respectively. Additionally, S&P assigned GCP a short-term rating of A-2.

The Company has established a strong track record of achieving rating improvements owing to continuous improvements in its business and financial profile. In September 2017, Moody’s increased Grand City’s issuer rating to Baa1, noting the portfolio’s strong diversification, the Company’s strong credit metrics, high liquidity and financial flexibility, and strong access to capital markets. In November 2016, S&P increased the Company’s issuer rating for the 5th time in four years, to BBB+, owing to the Company’s strengthened position within its business risk profile.

Financial Policy

  • LTV limit at 45%
  • Debt to debt-plus-equity ratio at 45% (or lower) on a sustainable basis
  • Maintaining conservative financial ratios with a strong ICR
  • Unencumbered assets above 50% of total assets
  • Long debt maturity profile
  • Good mix of long term unsecured bonds and non-recourse bank loans
  • Maintaining credit lines from several banks which are not subject to Material Adverse Effect
  • Dividend of 75% of FFO I per share