The ratings agency Moody’s has confirmed the investment grade (‘Baa2’) rating of the Spanish Socimi Merlin Properties two months after the outbreak of the coronavirus crisis in Spain. However, Moody’s has assigned the company a “negative outlook”, whereby leaving the door open for possible revisions, given the Socimi’s exposure to the shopping centre segment, the properties, together with hotels, most affected by the crisis .
The ratings agency also points to the stronger impact that Covid is having in Spain compared to other European countries and, specifically, in the real estate sector. Regarding commercial assets, Moody’s believes that they will be affected by a decrease in investment and occupancy ratios. However, the ratings agency considers that Merlin will be capable of facing the challenges brought by operating restrictions and lower income.