Moody’s gives A3 to A-REIT notes

Moody's Investors Service said it assigned an A3 senior unsecured rating to the HK$729 million notes issued by HSBC Institutional Trust Services (Singapore) Ltd., in its capacity as trustee of Ascendas Real Estate Investment Trust (A-REIT, A3 positive), drawn down from its existing S$5 billion multi-currency medium-term note program, which is rated provisional A3.

The outlook is positive.

The notes have a coupon of 3.66% per annum and will mature on May 16, 2025.

Proceeds will be used to refinance A-REIT's existing borrowings and/or finance its working capital.

A-REIT's A3 issuer and senior unsecured ratings were affirmed on May 14. Moody's also revised the outlook to positive from stable.

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