S&P rates Allco BB

Standard & Poor's said it assigned a BB long-term corporate credit rating to Allco Commercial Real Estate Investment Trust and placed the rating on CreditWatch with positive implications.

S&P said the rating reflects the trust's smaller asset base compared with its global peers' and the possibility that the trust's market and tenant diversity could decline.

The company's weaknesses are partly offset by the quality of Allco's investment portfolio, the stable rental cash flow of Australian properties and the enhanced financial flexibility following the change in the ownership of its manager, the agency said.

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