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Moody's: No change for K-REIT
Moody's Investors Service said it sees no immediate impact on the Baa3 corporate family rating of K-REIT Asia following news that it has contracted to acquire a 50% interest in a property in Australia for A$166 million.
The outlook remains stable.
The financial risk coming from the acquisition would be minimal as the transaction will be funded by the cash, which the company had raised in its rights offering in November, Moody's said.
The investment will provide K-REIT with geographic diversity and growth in its EBITDA and asset base, the agency added. Good tenant quality and long-term leases also will support income stability, Moody's said.
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