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S&P rates RCS Trust notes A-
S&P said it assigned an A- long-term issue rating to the proposed unsecured notes issued by RCS Trust.
The seven-year S$275 million series 002 (3.2%) notes will mature in 2025 and are issued under the trust's $2 billion euro medium-term notes program.
The agency said it views this refinancing as extending RCS's debt-maturity profile.
The proceeds from the transaction will go toward refinancing bank loans, S&P said.
The rating reflects the trust's status as a highly strategic investment of its sponsor parents, CapitaLand Mall Trust and CapitaLand Commercial Trust, the agency said.
S&P said it expects RCS to benefit from an exceptionally high likelihood of support from its parents.
The trust's creditworthiness is linked to that of CapitaLand Mall, the stronger of the two parents, the agency said.
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