Logistics Company GLP’s Investment Grade Rating at Risk (1)

Fitch Ratings put logistic real estate operator GLP Pte Ltd. on rating watch negative, threatening the company’s investment-grade status while it seeks to cut debt through asset sales.

The ratings firm has GLP at BBB-, one step above junk territory. Fitch said in a statement Tuesday that GLP’s credit metrics deteriorated last year and there’s uncertainty in the company’s effort to deleverage through divestitures. Its 2022 net income fell 68%.

GLP disclosed plans to sell some assets in China during an investor call Friday, Bloomberg News reported. Fitch said the firm is in the process of selling a majority ...