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Moody's alters Ascott view to stable
Moody's Investors Service said it changed Ascott Residence Trust’s outlook to stable from negative and affirmed its Baa3 issuer rating. The agency also affirmed the provisional (P)Baa3 backed senior unsecured rating on the S$2 billion multicurrency medium-term securities program issued by Ascott REIT MTN Pte. Ltd., a wholly owned subsidiary of the trust, and the Baa3 ratings on the backed senior unsecured notes issued under the program.
"The change in outlook to stable reflects our expectation that ART's credit metrics will improve as leisure and business travel resume on easing of movement restrictions and opening up of borders across most countries," said Yu Sheng Tay, a Moody's analyst, in a press release. "ART's strategy to invest in longer-stay accommodation will improve its earnings diversification and buffer against the volatile hospitality sector. To date, the trust has funded its investments with a mix of debt, proceeds from asset divestments and equity issuance," Tay added.
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