Moody's: Ascendas unchanged

Moody's Investors Service said it sees no immediate impact on the A3 corporate family rating of Ascendas Real Estate Investment Trust following news that it will be acquiring a business space property in Shanghai for RMB 587.9 million.

The outlook remains stable.

The acquisition marks the REIT's entry into the Chinese market after news of its plan to explore investment opportunities in the Asian region outside of Singapore back in November 2010, Moody's said.

The transaction represents about 2% of its total portfolio, the agency said, and is not expected to have a material impact on its leverage.

The company has yet to establish an operating track record outside Singapore, Moody's said, but it should be able to tap the experience of its sponsor in China.

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