Moody's may lift Allco Reit

Moody's Investors Service said it placed the Ba2 rating of Allco Commercial Reit on review for possible upgrade.

The action follows news that Allco Finance Group has entered into an agreement to sell its 17.7% equity interest in Allco REIT and 100% interest in Allco (Singapore) Ltd. to Frasers Centrepoint Ltd.

Frasers, a subsidiary of Fraser and Neave Ltd., said it plans inject assets into Allco Reit and rename it Frasers Commercial Trust, Moody's said.

The transaction is conditional on a number of factors. If it is completed, the agency said its review will focus on the future property portfolio, financial policy and funding of the Reit under its new manager.

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