Mapletree Commercial Trust's Mapletree Business City. (Photo: Mapletree Commercial Trust)

Moody's Investors Service has assigned a Baa1 backed senior unsecured rating to the proposed SGD120 million (USD91 million) notes issued by a subsidiary of Mapletree Commercial Trust.

The notes have been issued under the mixed commercial REIT’s existing SGD1 billion medium term note (MTN) programme.

The notes have a coupon of 3.28%, and will mature on 23 September 2024.

Rating outlook on the notes is stable, and proceeds from the issue will be used to refinance the REIT’s existing borrowings.

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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.