The manager of Accordia Golf Trust (AG Trust) (SGX:ADQU) announced on 6 January that the trust’s Japanese golf course holding company, Accordia Golf Asset Godo Kaisha (SPC), has received a "BBB+" rating on a total of JPY45 billion (SGD504 million) of asset-backed loans.
The ratings were awarded by the Japan Credit Rating Agency (JCR), a credit rating agency primarily involved in the rating of long and short term debts.
JCR assigned the "BBB+" rating to SPC’s asset-backed loans in three tranches of JPY15 billion each, with final repayment periods of three, four and five years respectively.
The manager of AG Trust has described the ratings as JCR’s opinion of the company’s creditworthiness. “We believe this will equip AG Trust with better support to drive more acquisitions”, said Yoshihiko Machida, CEO and Executive Director of AG Trust’s manager.
SPC currently holds a portfolio of 89 income-generating golf courses across Japan. Units of AG Trust are currently listed on the Singapore Exchange at SGD0.755.