TEXT-Fitch rates Mapletree Industrial Trust's SGD45m notes due 2022 final 'BBB+'
(The following statement was released by the rating agency)
Sept 07 - Fitch Ratings has assigned Mapletree Industrial Trust Treasury Company Pte. Ltd.'s (MITT) SGD45m 3.65% fixed-rate notes due September 2022 a final rating of 'BBB+'.
The notes are issued out of MITT's SGD1bn multi-currency medium-term note (MTN) programme and constitute direct, unconditional, unsubordinated and unsecured obligations of MITT and MITT's guarantor, DBS Trustee Limited (DBS Trustee). DBS Trustee acts as trustee for Mapletree Industrial Trust (MIT, 'BBB+'/Stable).
The assignment of the final rating follows the receipt of documents conforming to information already received. The final rating is in line with the expected rating assigned on 4 September 2012.
MIT expects to use the proceeds from the notes to refinance part of its existing debt. The issue will lengthen its debt maturity profile and reduce refinancing needs over the next two years.
The rating is supported by MIT's granular industrial property portfolio across Singapore with a diversified tenant base, high occupancy rate, and access to main transport links. It further reflects demonstrated stable operating performance, adequate debt service coverage, and an experienced management team.
The rating also reflects MIT's tight liquidity coverage and geographical concentration in Singapore, as well as the inherent cyclicality of the industrial property market.
The Stable Outlook on MIT's Issuer Default Rating reflects Fitch's expectation that MIT would maintain a stable business performance and a financial profile appropriate for its current rating over the next 12-18 months.
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