MERLIN Properties obtains a “investment grade” Baa2 rating from Moody’s, evidencing the quality of the capital structure

MERLIN Properties obtains “investment grade” Baa2 credit rating, with stable outlook, from Moody’s. The agency highlights the leading position of the Company in Spain, with gross asset value close to € 10 billion. Moody’s also emphasizes the high asset category diversification, the predictable and stable cash flow stream coming from BBVA, proven track record of access to public capital markets and the sizeable liquidity of its portfolio (ca. 70% of the asset base is unsecured).

MERLIN has amended the existing EMTN (Euro Medium Term Notes) program, registered with the Luxembourg regulator (CSSF). The supplementary program, approved last Friday 14^th October, incorporates Metrovacesa integration and the new limits set for debt issuance, following the approval by MERLIN’s shareholders.

MERLIN is the highest rated real estate company in Spain, now underlined by two independent agencies, and has obtained from Moody’s an equivalent rating to the Kingdom of Spain.