Moody's alters Mapletree Commercial view to stable

Moody's Investors Service said it changed Mapletree Commercial Trust’s outlook to stable from and affirmed its Baa1 issuer rating.

Moody's also affirmed the Baa1 ratings on the senior unsecured notes drawn down from the medium-term note program of Mapletree and its wholly owned subsidiary Mapletree Commercial Trust Treasury Co. Pte. Ltd. The parent guarantees the notes and the program.

"The change in the rating outlook to stable reflects our expectation that MCT's credit metrics will remain within its Baa1 rating parameters over the next 12-18 months. This is driven by our expectation of higher earnings at MCT as the company winds down rental rebates provided to retail tenants in the past year," said Hui Ting Sim, a Moody's analyst, in a press release.

“"MCT remains exposed to downside risks from the pandemic, such as the resurgence of infections in Singapore that may result in further tightening of social distancing measures in addition to the ones recently announced. Nonetheless, we expect the company has financial buffers under its credit metrics to withstand such risks to some extent," added Sim.

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