Key Credit Metrics by Rating Agencies

Net debt / EBITDA (Moody's) 
EBITDA interest coverage (Moody's) 
Net debt / investment properties (Fitch) 
FFO(1)/debt (S&P)
Mar 2021(3)
Mar 2020(2)
Mar 2019(2)
Mar 2018(2)
Mar 2017(2)
4.5x
3.3x
2.4x
1.9x
4.0x
9.8x
8.2x
10.7x
8.5x
8.4x
18.1%
13.8%
8.0%
6.9%
15.4%
18.6%
22.7%
22.8%
21.8%
18.7%
Notes:

  1. Funds from operations is net cash generated from operating activities adjusted by operating lease expenses, interest and tax paid.
  2. Figures are based on reports of rating agencies. 
  3. Figures are preliminary and to be confirmed by rating agencies except Moody's.