Industrial developer CTP announced that Moody's Ratings has upgraded CTP's long-term issuer rating and senior unsecured rating to Baa2 with a stable outlook from Baa3 with a positive outlook.
Since receiving its inaugural Baa3 rating in 2020, CTP has nearly tripled its portfolio, growing from 5.1 million sqm to 14.7 million sqm of GLA, while expanding from €5.9 billion to €18.9 billion of GAV. Over the same period, CTP has further diversified geographically, reinforcing its leading position in CEE while expanding into Western European markets, including Germany and Italy.
In Q1 2026, CTP delivered record leasing performance, signing leases for over €53 million of annual rental income. CTP's vertically integrated business model, tenant relationships, and development yields of over 10% continue to support growth while strengthening credit metrics over time. It also supports CTP's path towards €1 billion of annualised rental income by 2027.
In the rationale for its decision, Moody's stated: "The upgrade of CTP's rating to Baa2 was prompted by the Company's business profile improvements, notably improved scale and diversification of its logistic and industrial real estate portfolio and a continued robust rental growth performance with modest vacancy rates."
Richard Wilkinson, Group CFO at CTP, said: "We are very pleased with Moody's decision to upgrade CTP to Baa2 with a stable outlook. This is recognition of the scale, quality, and resilience of our platform, as well as our disciplined financial management and consistent operational delivery, since our inaugural rating in 2020."
