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Moody's may cut Ascendas REIT
Moody's Investors Service said the review for possible downgrade continues on the A3 corporate family rating of Ascendas Real Estate Investment Trust.
The continuation of the review follows the company's private placement and an underwritten non-renounceable preferential rights issuance totaling about S$400 million, Moody's said.
While equity raising is a positive move to reduce the REIT's leverage, which is expected to fall from 42% to 36% following completion of committed development projects, the rationale for the review remains as planned proceeds for debt reduction will only partially alleviate the company's refinancing needs in 2009, the agency said.
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