Digital Realty Trust is tapping the Swiss franc debt market with a CHF 510 million senior unsecured green notes issuance. Fitch Ratings assigned the securities a BBB rating with a stable outlook, backed by data center demand driven by artificial intelligence workloads and cloud adoption.
The financing package is issued by Digital Constellation B.V. and fully and unconditionally guaranteed by Digital Realty Trust, Inc., Digital Realty Trust, L.P., and Digital Intrepid Holding B.V. Proceeds from the offering are earmarked for eligible green projects under the company framework alongside general corporate purposes, which include paying off near-term debt maturities.
Digital Realty Trust is entering the Swiss franc debt market as demand for data center capacity remains supported by artificial intelligence workloads, cloud adoption, and migration away from on-premise infrastructure. The CHF 510 million issuance is backed by group guarantees and is intended to fund eligible green projects as well as general corporate needs, including near-term debt repayment.
Swiss Franc Green Notes Structure and Maturities
The CHF 510 million debt package is divided into three distinct tranches maturing across the next decade. According to ratings disclosures, the issuance consists of CHF 225 million in notes due in October 2029, CHF 185 million due in October 2032, and CHF 100 million due in October 2036.
- CHF 225 million of 1.6803% notes due October 2029
- CHF 185 million of 2.06% notes due October 2032
- CHF 100 million of 2.415% notes due October 2036
These securities rank equally in right of payment with existing and future senior unsecured obligations across the issuer and guarantors, including the group’s global revolving credit facilities.
AI Demand Fuels Record Leasing Activity for Digital Realty
Credit metrics for Digital Realty continue to benefit from structural tailwinds. Demand growth—particularly for hyperscale artificial intelligence applications—outpaces available supply, fueling record leasing activity, firm pricing dynamics, and an expanding development pipeline.
A downturn in technology spending or overall capacity demand could pressure operations, with the rating agency indicating that a slowdown in artificial intelligence-led or overall demand could weigh on the business.
Fitch expects the company's debt-to-EBITDA ratio to stay within its 5x to 6x through-the-cycle expectations, as EBITDA growth from scheduled lease commencements offsets development debt; Fitch notes Digital Realty's ratio is in the high 4.0x range on a last-12-month REIT basis, leaving room within the current rating category and improving materially from several years ago.
Digital Realty Operates Facilities in over 30 Countries
As of June 30, 2026, Digital Realty owns, leases, and operates more than 310 facilities spanning over 55 cities across more than 30 countries on six continents.
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