S&P gives CapitaLand notes A-

S&P said it assigned its A- long-term issue rating to the senior unsecured notes issued by CMT MTN Pte. Ltd. under its S$7 billion multicurrency medium-term note program. CMT MTN is a wholly owned subsidiary of CapitaLand Integrated Commercial Trust, which the agency rates A-.

“We equalize the issue rating on the notes with the issuer credit rating on CICT because we believe CICT’s capital structure does not have material contractual or structural subordination risks. The HK$426 million notes will mature in 2030 and are guaranteed by HSBC Institutional Trust Services (Singapore) Ltd. in its capacity as trustee of CICT,” S&P said in a press release.

The proceeds will be used for refinancing borrowings and for general corporate and working capital purposes.

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