Maritime Properties

CFBANQUE Investment confirms the BBB rating assigned to Maritime Properties (RE0358.JO), an operator in the Maritime & Ports sector based in South Africa. This credit opinion reflects an investment-grade credit profile, with a satisfactory capacity to service its debt and absorb moderate sectoral shocks.

From a fundamental standpoint, the issuer posts an EBITDA margin of 49.8% which sits at the upper end of the sector range and evidences robust pricing power and exhibits a net leverage of 2.96x EBITDA, deemed consistent with the issuer's recurring cash flow generation. With revenues of $8.76B and a market capitalisation of $7.55B, Maritime Properties commands a significant economic footprint within its domestic market.

Our proprietary models assign a Debt Capacity score of 563/1000, an Investment score of 576/1000 and an ESG & Governance score of 850/1000, reflecting an acceptable debt coverage, a measured investment potential and governance standards aligned with best market practice.

The Stable outlook indicates that our committee does not anticipate, in its central scenario, a revision of the rating over a 12 to 18 month horizon. This analysis stems from the combined review of our quantitative models and the qualitative judgement of the CFBANQUE Investment rating committee, and may be updated in line with the evolution of fundamentals or the regional macroeconomic environment.