Moody’s ups Mapletree North Asia

Moody’s Investors Service said it raised Mapletree North Asia Commercial Trust’s (Mnact) issuer rating to Baa2 from Baa3. The agency also boosted to Baa2 from Baa3 the guaranteed senior unsecured rating on the notes issued under Mapletree North Asia Commercial Treasury Co. (Hksar) Ltd.'s euro medium-term note program.

Concurrently, Moody’s revised the outlook to stable from under review. These actions conclude the review started on Jan. 5 after Mapletree Commercial Trust (MCT) and Mnact reported their planned merger, the agency said. Mnact will continue as an MCT subsidiary.

“"The upgrade of Mnact's rating incorporates a one notch uplift to reflect our expectation of support from Mapletree Commercial Trust, following the merger, due to the strong linkages and integration between the two trusts," said Yu Sheng Tay, a Moody's analyst, in a press release.

The stable outlook indicates a forecast for gradually improving credit metrics led by earnings recovery, the agency said.

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