Moody's downgrades record-high number of companies worldwide, including some Singapore firms

SINGAPORE - Moody's Investor Service said a record-high 96 companies worldwide are now on the line between speculative grade and investment grade.

It changed the outlook of its credit rating for Ascott Residence Trust, and has put under review for potential downgrade the rating of GLP Pte. Ltd. Mapletree North Asia Commercial Trust received a provisional Baa3 rating with a negative outlook, down from Baa2 negative, on the likelihood that its credit metrics will weaken.

GLP Pte Ltd Baa3 rating was put under review for possible downgrade amid concerns the investment management firm's recent acquisitions will hinder its ability to reduce its financial leverage amid volatile economic and capital markets conditions, stemming from the rapid spread of the coronavirus.Moody's did not name the acquisitions, but most recently GLP has been named as part of a consortium that has offered S$1.

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