Bangkok--29 Jun--Moody's Investors
Approximately US$198 million of debts affected
Moody's Investors Service has placed the Baa1 corporate family rating and the Baa2 senior unsecured debt rating of Ascendas Real Estate Investment Trust ("A-REIT") under review for possible upgrade.
"The review has been prompted by A-REIT's demonstrated resilience in the recent down-market, and which has been evidenced by continuous revenue growth and high occupancy levels," says Peter Choy, a Moody's Vice President and Senior Credit Officer.
"The injection of S$710 million in equity in 2009 and the refinancing of its CMBS in 1Q 2010 have also improved debt leverage and increased its level of unencumbered assets by paying down secured debt," says Choy, adding, "A-REIT has also taken steps to lengthen its debt maturity, which in turn stabilizes its capital structure."
In its review, Moody's will focus on A-REIT's acquisition plans and its ability to sustain its current credit profile.
The last rating action on A-REIT was taken on 24 August, 2009 when Moody's changed the rating outlook to stable from negative following its completion of a private equity placement.
The principal methodology used in rating A-REIT was Moody's Rating Methodology for REITs and Other Commercial Property Firms, published in January 2006 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab.
Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.
Headquartered in Singapore, Ascendas-Real Estate Investment Trust
("A-REIT") has a diversified portfolio of 93 properties in Singapore. Its portfolio consists of business/science park properties, industrial properties, and logistics/distribution centers.
Hong Kong
Peter Choy
VP - Senior Credit Officer
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
Singapore
Philipp L. Lotter
Senior Vice President
Corporate Finance Group
Moody's Singapore Pte Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (65) 6398-8308