FUNO ratings affirmed at BBB- with stable outlook

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FUNO BBB- rating stable outlook

Highlights

Fitch affirms FUNO's Long-Term Foreign and Local Currency IDRs at BBB- with Stable outlook, and National Scale Rating at AAA(mex), citing sector leadership and strong diversification.
Fitch projects FUNO's net leverage to decline to about 5.4x over the medium term and expects consolidated EBITDA margin near 74.5% from 2026 to 2029, driven by industrial asset profitability.
FUNO's governance score reflects some deficiencies, keeping its rating one notch below peers, while liquidity remains adequate with MXN2.5 billion cash, MXN17.8 billion debt maturities, and MXN24 billion in unused credit facilities.

Rating rationale and financial profile

As reported by Fitch Ratings, Fideicomiso Fibra Uno, or FUNO, has its Long-Term Foreign and Local Currency Issuer Default Ratings affirmed at BBB-, with the National Scale Long-Term Rating at AAA(mex) and the outlooks remaining Stable.

Fitch says the ratings are supported by FUNO's position as the largest and most diversified FIBRA in Mexico, with 415 operating units and 205 industrial and logistics operations through its stake ownership in NEXT Properties as of June 30, 2026. Consolidated gross leasable area reaches 12.5 million square meters, while occupancy stands at 95.7%, with weaker office occupancy offset by stronger industrial, retail and other segments.

The agency expects deleveraging to continue, projecting FUNO's net leverage, excluding NEXT Properties and adding dividends from that vehicle, to decline to about 5.4x over the medium term. EBITDA margin, excluding NEXT Properties, is expected to average around 68% in 2026 to 2029, while the consolidated margin is seen near 74.5%, helped by the higher profitability of industrial assets.

Fitch also says foreign exchange risk remains manageable. About 18% of debt, excluding NEXT Properties, is dollar-denominated after swaps, while most EBITDA remains in local currency and dollar revenue provides a natural hedge against U.S. dollar interest expense.

Governance constraints and market impact

Despite the affirmation, Fitch keeps FUNO one notch below peers such as Fibra Prologis and Vesta, citing a more complex group structure and governance concerns. The agency assigns a governance score of some deficiencies, which results in a one-notch adjustment and reflects ownership and decision-making concentration, as well as transparency and contagion risk tied to the company's control of Fibra NEXT and NEXT Properties.

Liquidity remains adequate, supported by operating cash flow, unencumbered assets, access to capital markets and committed credit lines. As of the second quarter of 2026, FUNO holds MXN2.5 billion in cash, excluding NEXT Properties, against MXN17.8 billion of debt maturities over the following 18 months, and Fitch says the company is expected to refinance most maturities in advance.

In August 2026, FUNO refinanced FUNO 16U, FUNO 23-2L and FUNO 23-3L for a total of MXN7.3 billion, while more than MXN24 billion in unused committed credit facilities remains available. Fitch says negative rating pressure could emerge if dividends from NEXT Properties fall materially or leverage stays above 6.0x, while an upgrade would require sustained improvement in leverage, coverage, asset protection and liquidity metrics.

Our earlier coverage of Fitch’s affirmation of OHLA’s B- long-term issuer rating highlighted that improving operating performance and a steadier leverage profile were still being weighed against tight liquidity. Fitch noted that more than half of OHLA’s reported cash sat in joint ventures with limited accessibility and that the lack of committed credit lines, along with ongoing litigation and working-capital swings, continued to constrain financial flexibility.

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