Fitch Publishes Singapore REITs FAQ Report

Mon Jul 21, 2014 6:00pm EDT

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(The following statement was released by the rating agency) Link to Fitch Ratings' Report: Singapore REITs: What Investors Want to Know here SINGAPORE/SYDNEY, July 21 (Fitch) Fitch Ratings has published a special report that aims to answer frequently asked questions about Fitch's rationale for a portfolio-wide revision of rating sensitivities for Singapore real estate investment trusts (REITs). The report also features results of the agency's interest-rate sensitivity stress-testing exercise of the Singapore REIT sector. The report aims to answer the following questions on the revised rating sensitivities: - Why has Fitch introduced additional measures of refinancing flexibility into its rating sensitivities for Singapore REITs? - What are the pitfalls of focusing purely on balance-sheet measures of financial risk? - How does Fitch aim to overcome the pitfalls of market value-derived measurements? - What are the benefits (and pitfalls) of continuing to monitor cash flow-based leverage? - How should investors interpret Singapore REITS' rating sensitivities? The report also addresses the following questions on the REITs' exposure to interest-rate risk: - Has Fitch quantified the impact of higher interest rates on Singapore REITs? - What is Fitch's view on the likely impact on the Singapore REIT sector in the event global interest rates rise? The report, entitled "Singapore REITs: What Investors Want to Know", is available at www.fitchratings.com or by clicking on the link above. Contact: Hasira De Silva, CFA Director +65 6796 7240 Fitch Ratings Singapore Pte Ltd 6 Temasek Boulevard, 35-05 Suntec Tower Four, Singapore 038986 Nandini Vijayaraghavan, CFA Director +65 6796 7216 Vicky Melbourne Head of Industrials South East Asia and Australasia Ratings +61 2 8256 0325 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available at www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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