Moody's ups Suntec REIT view to stable

Moody's Investors Service said it affirmed the Baa1 issuer and Baa2 unsecured ratings of Suntec Real Estate Investment Trust and changed its outlook to stable.

The outlook change follows Suntec REIT's successful refinancing of all bridge loans related to its acquisition of One Raffles Quay, Moody's said.

The ratings reflect Moody's expectation of continued stable and dependable earnings from Suntec's portfolio of quality and well-located office and retail assets, the agency said, supported by a diversified tenant profile.

Although its credit metrics have weakened following the acquisition - with a debt-to-EBITDA ratio likely at 9 times - they remain appropriate for the rating, Moody's said.

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