BOR posted significantly lower revenues and EBITDA as expected, but we note that revenues actually were at the second highest Q2 level recorded, despite the pandemic. The re-letting risks in Agora Bytom are significantly reduced after recent lease prolongations, the liquidity reserve will more than double when the NBT deal closes and with signs of the strong momentum pre-COVID-19 especially within Industries returning in Q3, the underlying credit case has strengthened.
24 Aug 2020
Underlying credit case has strengthened
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Underlying credit case has strengthened
BOR posted significantly lower revenues and EBITDA as expected, but we note that revenues actually were at the second highest Q2 level recorded, despite the pandemic. The re-letting risks in Agora Bytom are significantly reduced after recent lease prolongations, the liquidity reserve will more than double when the NBT deal closes and with signs of the strong momentum pre-COVID-19 especially within Industries returning in Q3, the underlying credit case has strengthened.