Moody’s changes GLP view to negative

Moody’s said it revised the outlook for GLP Pte. Ltd. to negative from under review and affirmed the company’s Baa3 issuer and senior unsecured ratings.

“The rating confirmation mainly reflects our expectation that GLP’s financial leverage will improve materially over the next 12 months from the current high level, driven by large-scale monetization of assets from balance sheet into its fund management platform,” said Stephanie Lau, a Moody’s vice president and senior analyst, in a press release.

The negative outlook reflects the uncertainty over the pace and size of the asset monetization plans, which are subject to regulatory approvals and administrative processes, according to Lau.

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