Moody's Investors Service has affirmed Parkway Life REIT's (PLife REIT’s) Baa2 issuer rating, citing lease structures that protect against downside risks, among other factors.

The ratings agency has also affirmed the provisional (P)Baa2 senior unsecured rating on the SGD500 million multi-currency debt issuance program of the REIT’s subsidiary.

The debt issuance program is unconditionally and irrevocably guaranteed by HSBC Institutional Trust Services (Singapore) Limited in its capacity as trustee of PLife REIT.

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