Friday, April 11, 2008

Singapore's Mapletree Logistics confirmed at 'Baa2', outlook negative - Moody's

MUMBAI (Thomson Financial) - Moody's Investors Service said it has confirmed Mapletree Logistics Trust's 'Baa2' corporate family rating with a negative outlook, after the Singapore-based Asia-focused logistics real estate investment trust's solid progress in terming out a large proportion of its short-term debt into three year loans with an expectation that short term debt will reduce to around 20 percent of total debt.

This concludes the review for possible downgrade which commenced on Jan. 28, 2008, the rating agency said.

Moody's (nyse: MCO - news - people ) said Mapletree demonstrates better financial flexibility as its S$1.6 billion of debt is on unsecured terms. It also has demonstrated good access to bank lending and has a portfolio of assets providing earnings and geographical diversity supported by a quality tenant base and long-term leases.

The negative rating outlook reflects Moody's view that Mapletree needs to deleverage to stay at the current rating level and that a planned equity issuance may prove difficult in the near term.

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