Moody’s rates Ascendas REIT notes A3

Moody's Investors Service said it assigned an A3 senior unsecured rating to the HK$923 million notes issued by HSBC Institutional Trust Services (Singapore) Ltd., in its capacity as trustee of Ascendas Real Estate Investment Trust (A-REIT, A3 stable), drawn down from its existing S$5 billion multi-currency medium-term note program, which is rated provisional A3.

The notes have a coupon of 2.77% per annum and will mature on Aug. 3, 2026.

The outlook is stable.

Proceeds will be used to refinance A-REIT's existing borrowings and to finance the acquisitions and/or investments of A-REIT.

"A-REIT's A3 ratings are underpinned by its established market position as one of the largest real estate investment trusts in Singapore, diversified portfolio of high-quality industrial assets with healthy occupancy levels and good operating track record of stable earnings," Moody's analyst Rachel Chua said in a news release.

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