Moody’s revises Ascott REIT to stable

Moody's Investors Service said it affirmed Ascott Residence Trust's (Ascott REIT) Baa3 issuer rating.

At the same time, the agency affirmed the provisional Baa3 senior unsecured rating on the S$1 billion multicurrency medium-term securities program issued by Ascott REIT MTN Pte. Ltd. – a wholly owned subsidiary of Ascott REIT – and the Baa3 ratings on the senior unsecured notes issued under the program.

The outlook on all ratings was changed to stable from negative.

"The change in outlook to stable reflects the improvement in Ascott REIT's credit profile following the announced fully underwritten rights issuance to partially fund the acquisition of Ascott Orchard Singapore (AOS) and the proposed acquisitions of two properties in Germany," Moody's assistant vice president and analyst Saranga Ranasinghe said in a news release.

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