Qube Holdings' (ASX:QUB) "BBB" long-term issuer default rating on rating watch negative, along with the "BBB" rating on Qube Treasury's outstanding senior unsecured bonds, reflecting the risk that Qube Holdings' earnings before interest, taxes, depreciation, amortization and restructuring or rent costs (EBITDAR) net leverage may deteriorate as a result of a proposed takeover, Fitch Ratings said in a Wednesday report.

The Australian logistics provider earlier agreed to a AU$11.7 billion buyout with a consortium led by Macquarie Asset Management. The ratings watch negative will be resolved once Macquarie Asset Management discloses its target capital structure and any updates to strategy, which may take longer than six months.

Qube's rating benefits from the fact that leverage remains at around three times since the financial year ended June 2022. This headroom can absorb some potential changes to the capital structure and could support a rating affirmation. However, the rating watch negative reflects that any significant changes could result in a downgrade of one or more notches, per the ratings firm.