Ratings agency Fitch has affirmed Singapore-listed Industrial REIT Mapletree Industrial Trust's (MIT)(SGX:ME8U) long term Issuer Default Rating at BBB+ with a stable outlook.
|Fitch Ratings has affirmed the BBB+ rating on Mapletree Industrial Trust based on its high portfolio occupancy and retention rate, among other factors.|
In addition, Fitch has affirmed the BBB+ ratings to senior unsecured notes issued under the S$1 billion Multi-Currency Medium Term Note programme. To date, S$170 million worth of unsecured fixed-rate notes have been issued under the programme.
In explaining the rationale for the ratings, Fitch has cited high occupancy rates in excess of 95 per cent and a portfolio retention rate of 84 per cent as some of its factors. Fitch has also cited the strong locational advantage of MIT's properties as a factor in contributing to the ratings. This full report by Fitch will be carried in the next issue of REITSWEEK.
Units of MIT are currently trading at about 0.39 per cent higher from its previous close at S$1.29 on the Singapore Exchange.