S&P rates FCT notes BBB

S&P said it assigned its BBB rating to FCT MTN Pte. Ltd.'s proposed Singapore-dollar-denominated senior unsecured notes. The issue rating is on CreditWatch with negative implications.

HSBC Institutional Trust Services (Singapore) Ltd., in its capacity as trustee of Frasers Centrepoint Trust, guarantees the notes.

“We expect FCT to use most of the proceeds to refinance debt maturing over the next 12–24 months. This debt, in turn, funds general working capital and capital expenditure requirements. The three-year issuance will extend FCT's debt maturity, but is otherwise credit-neutral,” S&P said in a press release.

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