Moody's ups AIMS-AMP REIT to Ba2

Moody's Investors Service said it upgraded the corporate family rating to Ba2 from Caa1 of AIMS-AMP Capital Industrial REIT, formerly known as MacarthurCook Industrial REIT.

The outlook is stable.

The upgrade reflects the company's remarkably improved liquidity profile and capital structure following the successful completion of its recapitalization plan and refinance of the maturing Singapore dollar loan, Moody's said.

Its liquidity profile has substantially improved without material refinancing needs in the near term, the agency added. The new S$175 million term loan is its major borrowing and will be due in December 2012, Moody's said.

The ratings are tempered by the its small operating scale, weak track record in liquidity management and limited financial flexibility, the agency said.

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