Fitch assigns Mapletree securities BBB-

Fitch Ratings said it assigned a long-term rating of BBB- to Mapletree Logistics Trust's planned perpetual securities.

HSBC Institutional Trust Services (Singapore) Ltd. will issue the securities in its capacity as trustee of MLT.

“The proposed perpetual securities are rated two notches below MLT's long-term issuer default rating (IDR) to reflect their deeply subordinated position in the capital structure as the securities are senior only to common equity, their high loss-absorbing features and poor recovery versus senior debt. However, the perpetual dividends are included in MLT's funds flow from operations fixed-charge cover ratio, in line with our criteria,” Fitch said in a press release.

The outlook is stable.

© 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.