In its report on 24 July, ratings agency Standard & Poor’s has lowered Singapore-listed Viva Industrial Trust’s (VIT’s) (SGX:T8B) corporate credit rating and the credit rating on its medium term note programme.
The industrial landlord’s credit rating has been lowered from BB+ with a negative outlook to BB with a stable outlook. According to an explanation of the ratings provided by Standard & Poor’s, an outlook of stable indicate that the rating is not about to change in the near term.
The credit rating of VIT’s REIT component’s medium term note (MTN) programme and its SGD100 million MTN has also been lowered from BBB- to BB+.
News of the lowered ratings come on the same day that VIT announced a distribution per stapled security (DPS) of 1.849 Singapore cents for its 2Q15, an increase of 7.3 % on a year-on-year basis.
Units of VIT ended the trading day 1.89% higher from its previous close on the Singapore Exchange to finish at SGD0.81.