Moody’s changes Frasers Commercial view

Moody's Investors Service has affirmed Frasers Commercial Trust's Baa2 issuer rating.

The agency also changed the outlook to stable from negative.

The agencys said the action follows Frasers’ announcement on June 25 that it has entered into a contract with Google Asia Pacific Pte Ltd. to rent out 344,100 square feet of business space at Alexandra Technopark in Singapore for a period of five years, starting in the first quarter of 2020.

“The change in outlook reflects Moody's expectation that FCOT's credit metrics will improve on the back of its new lease contract with Google,” Sweta Patodia, Moody's analyst, said in a news release.

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