Bogotá, April 22, 2024. The Technical Committee of BRC Ratings S&P Global affirmed the AA+ long-term debt rating and the BRC 1+ short-term debt rating of Pei, the leading real estate investment vehicle in Colombia. In a periodic review, the securities rating agency, with respect to Pei’s Program for the issuance and placement of Ordinary Bonds, Green Bonds, and Commercial Papers for up to COP 1.5 trillion, confirmed the AA+ long-term credit rating — revising its outlook — and the BRC +1 short-term rating.
According to the published reports, the rating agency considers the business position of the issuer, Pei, to be strong, reflected in the size of its portfolio, the quality of its assets, and its adequate levels of geographic and tenant diversification, in addition to the vehicle’s operating results, with lower vacancy rates and increased revenue generation. Andrés Felipe Ruiz, Chief Financial and Investor Relations Officer at Pei Asset Management, states that ‘’the rating reports issued by the agency highlight aspects such as the vehicle’s competitive position, with an increase in revenue and EBITDA. On the leverage front, a clear and consistent strategy and efficient access to the banking sector through debt novations have led to more favorable liquidity scenarios and financing alternatives, confirming Pei’s strength to meet its financial obligations.‘’
Likewise, BRC Ratings S&P Global affirmed the iAAA rating for Pei’s Equity Securities Issuance Program, as well as the Gaaa rating for portfolio-management effectiveness at Pei Asset Management, the vehicle’s real estate manager.
About Pei (PEI CB Equity)
Pei is a real estate investment alternative valued at more than 9.28 trillion pesos and managed by Pei Asset Management, which has more than 6,400 investors. It has built a portfolio of high-specification, income-generating assets totaling more than 1.15 million m2 of leasable area, more than 1,600 tenants, and a presence in more than 30 cities and municipalities across the country. The portfolio comprises four asset categories: corporate, commercial, logistics, and specialized use.