Fitch affirms Silver Oak notes

Fitch Ratings said it affirmed Silver Oak Ltd.'s floating-rate notes of $427 million class A1 at AAA; €30 million class A2 at AAA; $86.5 million class B at AAA; and S$164 million revolving credit facility notes at A.

The outlook is stable.

The affirmations are supported by the strong portfolio cash flow and high occupancy of Singapore retail, office and hotel properties acting as the security for the notes, Fitch said, as well as the stable debt-service coverage and experienced property management.

The ratings address the timely payment of interest and ultimate payment of principal by the legal maturity in Sept. 2013, the agency said.

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