VIA Outlets’ credit rating affirmed by Fitch at BBB+ with stable outlook

Fitch Ratings has reaffirmed the Long-Term Issuer Default Rating (IDR) and senior unsecured rating of VIA Outlets B.V. at ‘BBB+’, with a Stable Outlook.

According to Fitch, the rating reflects VIA Outlets’ positioning in the premium outlet segment, the scale of its catchment areas, established relationships with international brands and active leasing management. The agency also notes continued operational performance, with turnover-linked rents translating into higher base rents.

Fitch reports that footfall increased by 5% in 2024 and by 3% in the first half of 2025 on a like-for-like basis. It expects rental growth of around 6% in 2026, supported by indexation and expansion activity. Portfolio occupancy stands at approximately 95%, including structural vacancy reserved for refits, relocations and repositioning initiatives.

The rating agency also highlights VIA Outlets’ ongoing capital expenditure programme focused on expansion, remodelling and tenant mix adjustments. Recent projects are cited as having delivered double-digit increases in footfall alongside higher brand sales. In addition, Fitch points to the company’s loyalty programme, noting that Fashion Club membership reached around 2.6 million by the end of 2024, an increase of 18% year on year, with members spending on average 29% more than non-members.

Following a bond issuance in October 2025, Fitch notes that VIA Outlets’ pro forma liquidity includes €512 million of available cash and a €100 million undrawn revolving credit facility. Pro forma debt maturities include €500 million of unsecured notes due in October 2032, €450 million due in November 2028 and a €107 million drawn secured facility maturing in August 2028. The average cost of debt is reported at 2.55%.

Fitch’s rating case assumes approximately €320 million of expansion and remodelling capital expenditure between 2025 and 2028, while maintaining a net loan-to-value ratio target of 30%–40%.

Commenting on the rating affirmation, Peter Stals, Chief Financial Officer of VIA Outlets, said:

“Fitch’s affirmation underscores the resilience of the outlet channel and the quality of our pan-European portfolio. Our successful execution of our 3R strategy, of remodelling, remerchandising and remarketing continues to lift brand sales, footfall and rental growth while we maintain disciplined capital allocation to fund expansions and potential future acquisitions.”