Moody’s affirms Mapletree Commercial

Moody's Investors Service said it affirmed Mapletree Commercial Trust's Baa1 issuer rating.

The agency also affirmed the Baa1 ratings on the senior notes drawn down from the company’s medium-term note program under Mapletree Commercial Trust Treasury.

The outlook is stable.

Moody’s said the affirmation follows the company’s announcement that it plans to acquire Mapletree Business City (Phase 2) and the common premises of Mapletree Business City development.

“The ratings affirmation reflects our expectation that MCT's credit metrics after the transaction will remain within the parameters of its Baa1 ratings – with debt/deposited assets at around 35% and net debt/EBITDA below 8.0x on a normalized basis – because the trust plans to fund the acquisition with a mix of debt and equity,” Jacintha Poh, Moody's vice president and senior credit officer, said in a news release.

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