Moody's Investors Service has changed Ascendas REIT’s rating outlook from stable to positive.

The REIT currently has portfolio of 131 properties valued at SGD10.1billion (USD7.5 billion) as at 31 March 2018, 85% of which are in Singapore, while Australian assets makes up the remaining 15%.

The change in rating is a reflection of Ascendas REIT’s strengthened business profile, larger scale, portfolio diversification, and sustained improvement in its credit metrics following the implementation of debt reduction initiatives, said Moody’s.

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