Fitch Ratings has affirmed Mapletree Industrial Trust’s long-term issuer default rating of ‘BBB+’ with a stable outlook, citing the REIT’s strong financial profile and stable portfolio performance.

Fitch has also affirmed the ‘BBB+’ rating issued to the Singapore-listed industrial REIT’s senior unsecured notes, issued under its SGD1 billion multicurrency medium term note programme.

Pointing to the REIT’s portfolio-­wide rental rates which have increased each quarter since its listing in 2011 despite a high supply of industrial spaces, Fitch said it remains confident that Mapletree Industrial Trust will continue to deliver a strong performance in 2017 and 2018.

Fitch also expects developments such as the SGD226 million build­-to­-suit (BTS) project for Hewlett­ Packard which is 100% occupied, and the SGD77 million industrial project in Kallang Basin Four, to support earnings beyond the REIT’s 2017 financial year.

These development projects are expected to complete in the 2018 time period.

“Fitch believes [Mapletree Industrial Trust’s] relationship with its sponsor, Mapletree Investments Pte Ltd, which is owned by the Singapore state investment company Temasek Holdings, underpins its strong access to capital and credit markets”, said the agency, underlining its confidence in the REIT’s liquidity.

To date, SGD305 million worth of unsecured fixed-rate notes have been issued under the REIT’s medium term note programme.

Units of Mapletree Industrial Trust were last traded on the Singapore Exchange at SGD1.77.