Bangkok--2 Jun--Moody's
Moody's Investors Service is continuing its review of the secured floating rate notes issued by Star Topaz Limited ("Star Topaz") for possible downgrade. The notes were placed on review for possible downgrade on March 1, 2010, in accordance with Moody's latest guidelines on the minimum liquidity
protection for Singapore CMBS transactions. Today's rating action is as follows: Issuer: Star Topaz Limited S$260,000,000 Secured Floating Rate Notes due January 2013, Aaa Remains On Review for Possible Downgrade; previously on March 1, 2010 Aaa Placed Under Review for Possible Downgrade
Star Topaz has been set up to issue notes under the S$1 billion Multicurrency Secured Medium Term Note Programme and on-lent to Frasers Centrepoint Trust ("FCT"), which is a Singapore REIT. FCT is rated Baa1 with a negative outlook.
In view of the in-progress discussion that FCT is currently arranging a liquidity facility for Star Topaz, Moody's will keep the transaction on review for possible downgrade.
The principal methodologies used in rating and monitoring the transaction are "Moody's Approach to Rating Large Loan/Single Borrower Transactions" (July 2000) and "Moody's Approach to Evaluating Singapore CMBS Liquidity Arrangements" (March 2010), which can be found at www.moodys.com in the
Research & Ratings directory, in the Rating Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Rating Methodologies subdirectory.
Moody's also publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.
Hong Kong
Jerome Cheng
VP - Senior Credit Officer
Structured Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 3551-3077
Hong Kong
Marie Lam
VP - Senior Credit Officer
Structured Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 3551-3077