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Moody’s confirms Frasers Centrepoint Trust’s Baa1 rating; outlook stable

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MOODY’S Investors Service has confirmed the ‘Baa1’ issuer rating for Frasers Centrepoint Trust (FCT) with a stable outlook, as it expects the mainboard-listed trust’s credit metrics to improve after its equity issuance to partially fund two acquisitions. Read more at The Business Times.

from its sponsor Frasers Property for S$433.3 million, and launch an equity fund-raising of at least S$377.4 million.. It plans to supplement these proceeds with an announced preferential offering of around S$67.6 million.

But its leverage will likely still fall to below seven times in FY2020, thanks to a full year of earnings, which means it will still stay within the 7.5-times threshold set for the ‘Baa1’ rating, Moody’s noted.Both acquisitions - of Waterway Point and PGIM Fund - improve FCT's earnings resiliency and earnings and geographic diversification, Moody’s said.

The ‘Baa1’ rating reflects the stability of the trust's income from good quality, well-located suburban retail malls in Singapore, which have exhibited resilient operating track records. Nonetheless, the concentration risk has declined over the years as the trust has expanded its operations, and is partially mitigated by the trust's diverse tenant base.

 

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