Stoneweg Europe Stapled Trust (SET) announced that Fitch Ratings has affirmed the trust’s Long-Term Issuer Default Rating at ‘BBB’ with a Stable Outlook.

Fitch also maintained the ‘BBB’ senior unsecured rating on the trust’s 1.5 billion Singapore dollars medium-term note programme and 800 million Singapore dollars of outstanding unsecured notes issued by subsidiary Stoneweg EREIT Lux Finco S.a.r.l.

The agency expects EBITDA net leverage to stay below 8.0 times, supported by continued asset recycling and portfolio upgrades. Fitch added that the proposed internalisation of the manager is not expected to affect the rating and could trim EBITDA net leverage to about 7.5 times, provided there are no further debt-funded acquisitions.

As at Jun, 30 2026, the trust held 45.3 million Singapore dollars in cash and cash equivalents and had access to 170 million Singapore dollars of committed undrawn revolving credit facilities. Following two note issuances in 2025, the trust faces no debt maturities until 2030.