S&P gives CMT notes A-

S&P said it gave its A- long-term issue rating to the senior unsecured notes issued by CMT MTN Pte. Ltd. under its S$7 billion multi-currency medium-term note program. CMT MTN is a wholly owned subsidiary of CapitaLand Integrated Commercial Trust.

“We equalize the issue rating on the notes with the issuer credit rating on CICT because we believe CICT's capital structure does not have material contractual or structural subordination risks. The S$460 million notes will mature in 2028 and are guaranteed by HSBC Institutional Trust Services (Singapore) Ltd. in its capacity as trustee of CICT,” S&P said in a press release.

The proceeds will be used to refinance borrowings and for general corporate and working capital purposes.

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