Moody's ups Keppel REIT to Baa2

Moody's Investors Service said it upgraded the issuer rating of Keppel REIT to Baa2 from Baa3.

The outlook is stable.

The upgrade comes after it placed the Baa3 rating on review for upgrade on July 2.

Moody's said the upgrade reflects Keppel REIT's: (a) Enlarged and high-quality asset portfolio in Singapore and Australia; (b) strong operating performance; and (c) proactive capital management, which minimizes refinancing risk for the next 12-18 months.

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