So on the 16/12/20 Morningstar reported the following;"The...

So on the 16/12/20 Morningstar reported the following;

"The REIT's proposed EUR 3.5 billion equity raising was rejected by shareholders in November 2020, however we expect URW to raise capital through a smaller equity raising of EUR 1 billion in fiscal 2021 and EUR 2.5 billion of asset sales over the three years to fiscal 2023. We assume the capital proceeds will be used to repay debt, which will bring gearing, measured as net debt/net PPE to 31.5% by midcycle, compared with 41.9% in fiscal 2019.

If the economy approaches normal conditions and other planned cash collection/retention measures proceed, the company should be ona firmer footing.

However, if COVID-19 results in consumer aversion to public places in 2021 similar to that experienced in 2020, it is possible URW would have to raise equity again, and there is a remote risk this could completely wipe out current securityholders. A sustained rise in interest rates could also decimate equityholders given high debt ratios."

Obviously since the bond placement on the 27/11/20 we have access to cheap money without the need to equity raise. Where does this put URW in regard to financial strength now? Has it improved ? or will it only improve once we pay down some debt e.g via asset sales? How often does morningstar update it's reports? I am assuming we might be due for one soon.