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Moody's rates Ascendas REIT A3
Moody's Investors Service said it assigned a corporate family rating of A3 to Singapore's Ascendas Real Estate Investment Trust.
The outlook is stable
The rating reflects the REIT's credit strengths, including a leading market position in the business space and industrial property sector, a stable cash flow supported by a portfolio of diverse and quality business space and industrial properties and a strong REIT management with a good track record for growing REIT revenues through acquisitions and asset enhancements, the agency said.
Conversely, Moody's said the rating incorporates geographic concentration in Singapore, weak liquidity, limited financial flexibility and a continued acquisition growth strategy in both domestic and possibly overseas markets, increasing leverage and its business risk profile.
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