CapitaLand Commercial Trust#s Unsecured Notes Issued Under Its MTN Program Rated #BBB+#

Stocks and Financial Services Press Releases Wednesday February 28, 2018 17:22
SINGAPORE--28 Feb--S&P Global Ratings

SINGAPORE (S&P Global Ratings) Feb. 28, 2018--S&P Global Ratings today assigned its 'BBB+' long-term issue rating to the unsecured notes issued by CCT MTN Pte Ltd. and guaranteed by CapitaLand Commercial Trust (CCT: BBB+/Stable/--). The Singapore dollar (S$) 300 million series 014 (3.17%) notes will mature on March 5, 2024, and are issued under the CCT MTN's S$2 billion multicurrency medium-term note (MTN) program.

CCT MTN is a wholly owned subsidiary of CCT, which will unconditionally and irrevocably guarantee the notes. The proceeds will go toward refinancing a portion of the unsecured Asia Square Tower 2 bridge loan due in 2019. We view this refinancing as extending CCT's debt maturity profile.

The rating on CCT, a Singapore-based REIT, reflects the trust's solid market position and stable recurring income with well-spread lease expiries. CCT's exposure to Singapore's cyclical office property market tempers these strengths.

The stable outlook reflects our expectation that CCT will maintain its profitability and solid asset quality amid stable market conditions over the next 24 months. We expect the REIT's ratio of funds from operations to debt to stay above 7% over the period. We believe CCT has a limited buffer for further increases in debt without placing pressure on its credit metrics and our downward triggers.


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