Mapletree Industrial Trust's property at Changi Business Park, Singapore. (Photo: REITsWeek)Mapletree Industrial Trust's property at Changi Business Park, Singapore. (Photo: REITsWeek)

Fitch Ratings has affirmed Mapletree Industrial Trust’s (SGX:ME8U) long-term issuer default rating at ‘BBB+’ with a stable outlook.

A stable outlook denotes that the rating is unlikely to be revised. In issuing the rating, Fitch pointed to the industrial REIT's portfolio of assets in Singapore which it has described as being of “good quality”.

“Its property portfolio is well-diversified with 84 assets across five property types, with its 10 largest tenants accounting for only 17.2% of income, while no single trade sector accounts for more than 16% of income”, said Fitch in a statement on the REIT’s ratings on 26 August.

Additionally Fitch has also affirmed ‘BBB+’ ratings to senior unsecured notes issued under the SGD1 billion multicurrency medium term note programme. To date, SGD245 million worth of unsecured fixed-rate notes have been issued under the programme.

Units of Mapletree Industrial Trust last changed hands on the Singapore Exchange at SGD1.46.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.