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

Stocks and Financial Services Press Releases Monday March 19, 2018 17:01
SINGAPORE--19 Mar--S&P Global Ratings

SINGAPORE (S&P Global Ratings) March 19, 2018--S&P Global Ratings today assigned its 'BBB+' long-term issue rating to the unsecured notes issued by CCT MTN Pte Ltd. The Singapore dollar (S$) 200 million series 015 (3.327%) notes will mature on March 21, 2025, and are issued under the S$2 billion multicurrency medium-term note (MTN) program of CCT MTN.

CCT MTN is a wholly owned subsidiary of CapitaLand Commercial Trust (CCT: BBB+/Stable/--). CCT will unconditionally and irrevocably guarantee the notes. The proceeds will go toward refinancing its 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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