NEPI ROCKCASTLE N.V - Fitch upgrades NEPI Rockcastles credit rating to BBB+ with stable outlook

Fitch upgrades NEPI Rockcastle’s credit rating to ‘BBB+’ with stable outlook

 NEPI Rockcastle N.V.
 (Formerly NEPI Rockcastle S.A.)
 Incorporated and registered in the Netherlands
 Registration number 87488329
 Share code: NRP
 ISIN: NL0015000RT3
 ("NEPI Rockcastle" or "the Group" or "the Company")


FITCH UPGRADES NEPI ROCKCASTLE’S CREDIT RATING TO ‘BBB+’ WITH STABLE  OUTLOOK

Fitch Ratings ("Fitch") has upgraded NEPI Rockcastle’s credit rating from BBB with positive outlook to ‘BBB+’
with stable outlook.

The rating reflects Fitch’s view of the Group’s recent years’ improvements in operational metrics, with
increasing occupancy, footfall and tenants’ sales exceeding pre-pandemic levels. The upgrade also reflects
NEPI Rockcastle’s long record of a prudent financial profile that is expected to continue.

NEPI Rockcastle’s portfolio of shopping centres benefits from diversification across Central Eastern European
countries, assets and tenants. The Company’s proactive internal asset and property management represents a
key differentiator in a fast-changing retail environment. Furthermore, the Group’s credit ratios remain strong,
with a high unencumbered asset base and limited development risk.

"The rating upgrade recognizes NEPI Rockcastle’s strong business profile and validates our record of
delivering sound operational results and sustainable cash flows, together with our commitment to a prudent
financial strategy, especially when faced with challenging circumstances." – Eliza Predoiu, CFO.

The report issued by Fitch is available on the Company’s website:
https://nepirockcastle.com/wp-content/uploads/2022/11/Fitch-upgrades-NEPI-Rockcastle-to-BBB-outlook-Stable-
November-2022.pdf

For further information please contact:

NEPI Rockcastle N.V.
Rüdiger Dany/Eliza Predoiu                                  +31 202 38 40 30

JSE sponsor
Java Capital                                                +27 11 722 3050

Euronext Listing Agent
ING Bank                                                    +31 20 563 6685

Media Relations                                             mediarelations@nepirockcastle.com

7 November 2022

Date: 07-11-2022 03:30:00
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