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Moody’s shifts Mapletree view to negative
Moody’s Investors Service said it changed the outlook for Mapletree North Asia Commercial Trust to negative from stable.
“The change in outlook to negative reflects the uncertainty surrounding the earnings and operating performance of MNACT’s largest asset, Festival Walk, which has been closed following extensive damage caused by protests in Hong Kong,” said Jacintha Poh, a Moody’s vice president and senior credit officer, in a press release.
“The closure of Festival Walk highlights vulnerability of MNACT’s credit quality because of its reliance on a single asset for around 60% of its revenue and net property income for the 12 months ended 30 September 2019,” Poh said.
Festival Walk is insured for damages and loss of income, but to date hasn’t announced a planned reopening date.
Moody’s affirmed the rating on the euro medium-term note programs.
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