Fitch has also affirmed the senior unsecured rating of NE Property Cooperatief U.A., a 100% owned subsidiary of NEPI Rockcastle, at 'BBB'.

The ratings reflect the company's large portfolio of dominant shopping centres across central and eastern Europe (CEE), mainly located in Romania (37% by market value) and Poland (24% by market value).

Despite rapid growth, the company has maintained a conservative financial profile with good liquidity and a high degree of financial flexibility. In addition, the expansion is steadily reducing asset concentration and continues to increase geographic diversification into higher-rated countries.

The Stable Outlook reflects our expectations that NEPI Rockcastle will continue its expansion, while maintaining its conservative financial profile by funding through a combination of debt and equity.