Oct 10, 2025 6:45 AM Eastern Daylight Time Reflective of its Superior Tenancy and Conservative Balance Sheet, KBRA Affirms Easterly's BBB Rating with Stable Outlook WASHINGTON--(BUSINESS WIRE)--Easterly Government Properties, Inc. (NYSE: DEA) ("Easterly†or "the 'Company'†), a fully integrated real estate investment trust (REIT) focused primarily on the acquisition, development, and management of Class A commercial properties leased to the U.S. Government, today announced that Kroll Bond Rating Agency, L ...

S&P Global Ratings awarded Morocco the only investment-grade rating for a Eurobond issuer in Africa, a boost for the kingdom as it ramps up spending for the 2030 soccer World Cup https://t.co/FkuOvCSMGV ...

Core Viewpoint - S&P Global Ratings has maintained ARGAN's "Investment Grade" status with a "BBB-" rating and a "stable" outlook, indicating confidence in the company's financial metrics and asset quality despite recent portfolio changes [2][3]. Financial Metrics - ARGAN's level of indebtedness is consistent with its current rating, with a long-term issuer rating of 'BBB-' and a stable outlook [2]. - The company is targeting an LTV EPRA ratio excluding duties of 41.5% for 2025, down from 43.1% at the end of 2024, and a net debt to EBITDA ratio of 8.7 times for 2025, improved from 9.2 times [2]. Portfolio and Revenue - ARGAN has withdrawn a portfolio of warehouses valued at approximately €130 million from the market, but this decision does not negatively impact its credit metrics [2]. - As of June 30, 2025, ARGAN's portfolio consists of 3.7 million square meters of warehouses, appraised at a total of €4.0 billion, generating over €210 million in annual rental income [4]. Company Profile - ARGAN is a leading French real estate company specializing in the development and rental of premium warehouses, focusing on a customer-centric approach and sustainability [4]. - The company is listed on Euronext Paris and included in several indices, reflecting its significant market presence [5]. ESG Commitment - ARGAN is committed to an ESG policy that addresses all stakeholders, with achievements recognized by third-party agencies such as Sustainalytics and Ecovadis [4]. Upcoming Financial Calendar - Key upcoming dates include the publication of Q3 2025 net sales on October 1, 2025, and annual results on January 22, 2026 [3][7].

Core Viewpoint - Brompton Funds Limited has proposed a merger of the Symphony Floating Rate Senior Loan Fund into the Brompton Wellington Square Investment Grade CLO ETF, with the ETF being the continuing fund, and a special meeting will be held for unitholders to vote on this proposal [1][8]. Fund Merger Details - The merger will involve exchanging class A and class U units of the Fund for CAD and USD units of the ETF, respectively, based on their net asset values [2]. - The ETF aims to provide high monthly income and capital preservation through investments in primarily investment grade rated collateralized loan obligations (CLOs) [3]. Investment Quality and Management - The average credit rating of the Fund's current portfolio is B+, while at least 75% of the Continuing Fund's portfolio will be in Investment Grade CLOs, which are less likely to default [5]. - The management fee for the Continuing Fund will be reduced from 1.25% to 0.60%, and the management expense ratio (MER) is expected to decrease from 2.29% to less than 0.75% per annum [5]. - The Continuing Fund will not engage in borrowing, which is expected to further reduce costs and volatility [5]. Distribution and Trading Benefits - The current distribution rate of the Fund is 7.26%, and the Continuing Fund will maintain a focus on high monthly income distributions [5]. - The merger is expected to reduce the bid/ask spread significantly, leading to lower effective costs for investors [5][12]. - Post-merger, the Continuing Fund is anticipated to trade closer to its NAV, improving trading liquidity and allowing for large volume transactions without significantly affecting market prices [12]. Meeting and Implementation - A special meeting for unitholders to vote on the merger will be held on November 17, 2025, with an accelerated annual redemption option expected on December 30, 2025, if approved [7][8].

Credit Market Analysis - Junk debt is currently perceived as being nearly as safe as investment-grade debt, based on credit market pricing [1]

Portfolio Highlights - The company's Manhattan-focused real estate portfolio features a tenant base in core commercial businesses, with the top 10 tenants being 77% Investment Grade rated[5, 9] - Portfolio occupancy is at 82.0%, with a weighted-average remaining lease term of 6.0 years[9] - Over 53% of the company's leases expire after 2030[9, 17] - The real estate investments are valued at $432.4 million, spread across 6 properties with a total square footage of 1.0 million[14] - Annualized Straight-line Rent is $45.1 million[14] Financial Highlights - The company has a 100% fixed-debt capital structure with a weighted-average interest rate of 6.4%[9, 38] - Total debt amounts to $350.0 million[38] - Net Leverage is at 63.8%[9, 38, 46] - Revenue from tenants for the quarter was $12.2 million, while the net loss was $41.7 million[38] - Cash NOI decreased year-over-year from $7.4 million in Q2'24 to $4.2 million in Q2'25[42, 38] Strategic Initiatives - The company continued marketing efforts for the sale of 123 William Street ($269.5 million at cost, 84% occupancy) and 196 Orchard Street ($66.6 million at cost, 100% occupancy)[9, 10, 24]

Market Trends - Asian investment-grade dollar bonds credit spreads widened [1] - The widening is on course for the biggest two-day blowout since early April [1] - The widening followed worse-than-expected US jobs data [1]

Core Insights - Graphic Packaging Holding Company reported a net income of $104 million, or $0.34 per diluted share, for the second quarter of 2025, a decrease from $190 million, or $0.62 per diluted share, in the same quarter of 2024 [2][25] - Adjusted net income for Q2 2025 was $128 million, or $0.42 per diluted share, compared to $183 million, or $0.60 per diluted share in Q2 2024 [2][26] - The company experienced a 1% decrease in net sales, totaling $2,204 million in Q2 2025, down from $2,237 million in Q2 2024 [5][17] Financial Performance - EBITDA for Q2 2025 decreased by 29% to $323 million, with adjusted EBITDA at $336 million compared to $402 million in Q2 2024 [6][26] - The adjusted EBITDA margin was 15.3% in Q2 2025, down from 18.0% in Q2 2024 [6][26] - Total debt increased to $5,859 million in Q2 2025 from $5,209 million in Q4 2024, resulting in a net leverage ratio of 3.7x compared to 3.0x in Q4 2024 [7][27] Capital Expenditures and Shareholder Returns - Capital expenditures in Q2 2025 were $228 million, a decrease from $249 million in the same quarter last year [8] - The company returned approximately $177 million to shareholders in the first half of 2025 through dividends and share repurchases, including $111 million in share repurchases during Q2 [9][14] - Full-year 2025 capital spending is expected to be around $850 million, reflecting higher costs at the Waco, Texas facility [11] Guidance and Market Outlook - The company expects full-year 2025 net sales between $8.4 billion and $8.6 billion, adjusted EBITDA between $1.45 billion and $1.55 billion, and adjusted EPS between $1.90 and $2.20 [10] - Market uncertainty remains higher than normal, impacting volume and revenue expectations [10]

Financial Highlights - New investment activity reached over $1 billion[7] - Investment assets and unrestricted cash totaled $4.7 billion, including $1.6 billion in senior secured first mortgage loans[8] - Total liquidity was approximately $1 billion, which included an $850 million undrawn unsecured corporate revolver[8] - The company issued $500 million in inaugural investment grade unsecured bonds[8] Portfolio Composition - First mortgage loans accounted for $1.6 billion, or 35%, of the total investment portfolio[11] - CRE equity represented $936 million, or 20%, of the portfolio[11] - Securities comprised $2 billion, or 42%, of the portfolio[11] - 82% of the company's assets are senior secured and/or investment grade rated[11] Key Metrics - Distributable earnings were $30.9 million, resulting in distributable EPS of $0.23 and a distributable ROAE (after-tax) of 7.7%[11] - The company declared a Q2 2025 cash dividend of $0.23 per share, representing an 8.3% annual dividend yield[11] - Unencumbered assets totaled $3.7 billion, which is 83% of total assets[11] - The adjusted leverage ratio was 1.6x, or 1.5x net of cash[11] - 74% of total debt was comprised of unsecured corporate bonds[11]

Market Trends - Asian investment-grade dollar bonds yield premiums dropped to a record low [1] - Regional rally in risk assets spurred by easing trade tensions [1] - Strong corporate fundamentals contributed to the rally [1]