Fitch rates Global Logistic perpetuals BBB-

Fitch Ratings said it assigned Global Logistic Properties Ltd.'s (BBB+/stable) proposed perpetual capital securities an expected BBB- rating.

Fitch said it expects to accord 50% equity credit to the proposed notes.

The proposed securities are expected to be issued with the same terms and conditions and to be fully fungible with the S$500 million perpetual capital securities issued in December 2011 (BBB-).

The company's ratings are supported by its status as the largest provider of modern logistics facilities in Japan and China, its strong financial profile, high quality properties with sound lease and tenant profiles, and the growth potential of the Chinese contract logistics market, Fitch said.

The company's credit profile is constrained by its ongoing expansion in China, which carries a certain amount of execution risk, Fitch said.\par

Moody's: Global Logistic Properties unaffected

Moody's Investors Service said Global Logistic Properties Ltd.'s proposed additional issuance of perpetual securities will have no immediate impact on its Baa2 issuer and senior unsecured ratings as well as the provisional Baa2 rating for its proposed medium-term note program.

The outlook remains stable.

"The new issuance will provide additional liquidity to GLP and is consistent with its original funding plan," Moody's assistant vice president and analyst Kaven Tsang said in a press release, adding, "The new issuance represents 1.5% of GLP's total assets as of September 2011 and will therefore have a limited impact on its financial profile."

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