Moody’s Investor Services has assigned a provisional Baa3 rating to senior unsecured notes co-issued by Singapore-listed industrial REIT, Cambridge Industrial Trust.
The senior notes have been issued under the REIT’s SGD750 million multicurrency debt issuance programme.
At the same time, Moody's has also assigned a definitive Baa3 investment grade rating on SGD50 million worth of 3.95% notes due 2023.
The outlook for both ratings are stable. Proceeds from the notes are expected to be used for the REIT’s refinancing needs.
"Cambridge Industrial Trust’s Baa3 rating reflects its stable and resilient income generation from a portfolio of well-located industrial properties in Singapore, and its well-diversified tenant base," said Rachel Chua, a Moody's analyst.
"The rating also recognizes its moderate credit profile, improved financial flexibility and long-dated debt maturity profile”, she added.
Units of Cambridge Industrial Trust finished flat from its previous session on the Singapore Exchange at SGD0.54.