Moody's: Saizen REIT unchanged

Moody's Investors Service said it sees no immediate impact on Saizen REIT's Caa1 corporate family rating following the massive earthquake and tsunami that struck northeastern Japan on March 11.

The tragedy has led to more than 10,000 dead and missing, while the physical damage has been extensive, Moody's said.

The agency said it is awaiting further information to assess the full extent of the damage and the impact on cash flows and occupancy rates.

Moody's said it believes the current Caa1 rating could capture such uncertainties.

The affected areas include the cities of Sendai, Koriyama and Morioka, where Saizen has a total of 28 properties, the agency said. These properties account for 15.5% of the trust's total portfolio value, Moody's added.

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