U.K. whole business pub securitizations are expected to withstand some of the most challenging trading conditions facing the pub sector, Fitch Ratings analysts said.

However, the rating agency said that smaller pubs, the traditional "wet-led" (i.e. predominantly selling drinks instead of food) or urban pubs without outside trading areas, will suffer. This might lead to possible closures.

"With the exception of some weaker transactions, we believe the majority of the pubs securitized are of top-tier quality and that the current period is only a temporary stress, not a reflection of the industry's future," says Guillaume Langellier, director in Fitch's global infrastructure and project finance team.

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