Scope Ratings Affirms B+/Stable Issuer Rating for Wingholding
Scope Ratings, following its review, has affirmed the B+/Stable issuer rating for Wingholding, and it has also affirmed the senior unsecured debt rating of B+, according to a press release sent to the Budapest Business Journal.
The rating meets the requirements set in the Bonds for Growth Scheme of the Central Bank of Hungary (MNB).
Scope Rating’s assessment reflects Wing Group’s solid market position in Hungary and Poland, supported by a well-diversified portfolio and development pipeline across property asset classes, the press release notes.
One positive element highlighted by the rating experts was that Wing Group’s investment portfolio in Hungary is predominantly oriented towards industrial and logistics properties, which have an attractive return profile due to sustained occupier demand and good rental growth prospects, even in the current property market environment.
Scope also noted that, despite the uncertainties of financing in the Hungarian property development market, Wing’s development activities have a solid basis, due to the high pre-sale rate on the company’s residential projects and the high pre-lease rate on its commercial projects.
Recently, the company has significantly increased in size, which was mostly driven by the completion of its development projects and upscaling through acquisitions last year. A major recent milestone in acquisitions was the group’s expansion to Germany through the purchase of a majority stake in Bauwert AG, a Berlin-based property developer. Wing announced the conclusion of the transaction agreement in December 2022, and closing is expected in Q1 2023.
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