Moody’s: Mapletree notes Baa1

Moody's Investors Service said it assigned a Baa1 senior unsecured rating to the S$85 million notes issued by Mapletree Commercial Trust Treasury Co. Pte. Ltd.

Mapletree Commercial is a wholly-owned subsidiary of Mapletree Commercial Trust.

The notes have a coupon of 2.795% and will mature Nov. 15, 2023.

The outlook is stable.

The proceeds will be used to refinance Mapletree’s existing borrowings, the agency said.

The ratings remain supported by the trust's stable and recurring income from its investment property portfolio and track record of maintaining healthy credit metrics and strong financial flexibility through proactive capital management, Moody’s explained.

The ratings also consider the support from its financially strong sponsor, Mapletree Investments Pte Ltd. and its sponsor’s expertise, track record and strong network of relationship banks, the agency said.

The ratings remain constrained by the trust’s revenue concentration in VivoCity, which is expected will improve in 2017, Moody’s added.

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