Moody’s Re-Affirms Global Switch’s Baa2 Rating with a Stable Outlook

LONDON--()--Global Switch, the leading owner, operator and developer of large scale, multi tenanted carrier and cloud neutral data centres in Europe and Asia-Pacific, has had its Baa2 long-term issuer credit rating re-affirmed by Moody's. The rating outlook remains stable. This rating maintains Global Switch’s position as the highest credit rated data centre company in the world. Only one other major data centre provider has achieved an investment grade credit rating.

The credit opinion issued by Moody’s follows the successful introduction, on 21 December 2016, of a new strategic investor, representing a consortium of Chinese corporate and institutional investors, to support the Company’s expansion, including two major customer pre-commitments for data centre services in Hong Kong and Singapore.

Moody’s credit opinion identifies positive credit drivers including Global Switch’s strong market position in a favourable market environment; predictable cash flows from long-term leases and high tenant retention ratios; strong financial metrics with low leverage and solid fixed charge coverage; a development programme that will improve diversification; and the introduction of a strategic investor that will support further growth and expansion. Moody’s also noted Global Switch’s robust liquidity profile, enhanced by the recent signing of a new £425 million revolving credit facility, and the ample headroom under the company’s various financial covenants.

John Corcoran, Chief Executive Officer of Global Switch said: “Moody’s credit rating is a testament to Global Switch’s consistent track record of delivery and its high quality portfolio of multi-tenanted, carrier and cloud neutral data centres. Moody’s recognises the strength of our business model, our growing and predictable earnings profile and conservative development strategy. We welcome this confirmation of our ongoing leadership position as the highest credit rated data centre company in the world.”

Global Switch also has investment grade credit ratings from Fitch Rating’s (BBB+) and Standard & Poor’s (BBB).

Additional information regarding Global Switch's ratings can be found in press releases accessible from the credit rating agency websites at: www.fitchratings.com, www.moodys.com and www.standardandpoors.com.

NOTES TO EDITORS:

About Global Switch

Global Switch is a leading owner, operator and developer of large-scale, carrier and cloud neutral, multi-tenanted data centres in Europe and Asia-Pacific. Founded in 1998, Global Switch has a proven business model, demonstrable track record and is the highest credit rated data centre company in the world with investment grade credit ratings from Fitch, Moody’s and Standard & Poor’s. Global Switch is jointly controlled by Aldersgate Investments Limited (a Reuben Brothers company) and Elegant Jubilee Limited, a consortium of high quality, private sector Chinese corporate and institutional investors who acquired a 49% stake in the company in December 2016.

Global Switch is a vital and strategic partner for customers that require secure and resilient data centre services with scalable capacity and a high level customer service. The Company's focus is on highly resilient, central, low latency, network dense locations in prime city centre locations and internet hubs close to its customers on the edge of financial and business districts.

Global Switch’s data centres operate exclusively in the Tier I markets of Europe and Asia Pacific to Tier III or higher and currently total around 300,000 sq m (3,200,000 sq ft) of gross floor space. They are occupied by a broad range of customers, global and national, large and small including government organisations, financial institutions, enterprises, global systems integrators, telecommunication carriers, cloud and managed service providers and other hosting businesses.

For more information visit: www.globalswitch.com

Contacts

Global Switch
Ali Ballantine
Group Director, Marketing and Communications
+44 (0)20 7802 5154
aballantine@globalswitch.com

Release Summary

Global Switch has had its Baa2 long-term issuer credit rating re-affirmed by Moody's. This rating maintains Global Switch’s position as the highest credit rated data centre company in the world.

Contacts

Global Switch
Ali Ballantine
Group Director, Marketing and Communications
+44 (0)20 7802 5154
aballantine@globalswitch.com