S&P upgrades Starhill Global REIT

Standard & Poor's said it raised its long-term rating on the medium-term notes program of Starhill Global REIT MTN Pte. Ltd. to BBB from BBB-.

S&P also assigned its long-term Asean regional scale rating of axA to the S$ 2 billion program.

At the same time, the agency raised the long-term rating on the S$124 million 2015 notes issued under the program to BBB from BBB- and assigned its long-term Asean regional scale rating of axA to the notes.

S&P said it upgraded the medium-term notes program because it expects Starhill's proportion of secured debt to total assets to be about 8%-10% over the next two years, after the REIT refinances about S$449 million in secured debt in September 2013. This ratio was about 25% in 2012.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.