Ratings agency Moody’s upgrades Ascendas REIT

Singapore-listed Ascendas Reit (A-REIT) said on Friday that ratings agency Moody’s has upgraded its rating.

Moody’s has lifted A-REIT’s corporate family rating to A3 from Baa1.

It did so to reflect A-REIT’s operating and financial strength, as evidenced by its revenue growth and high occupancy rates during the downturn.

A-REIT said the move recognised its established market position as well as its operating and financial strengths.

The upgrade also signified the confidence Moody’s has in the quality and resilience of its portfolio.

“A-REIT has been adopting conservative acquisition and debt strategies, which help it maintain a relatively stable financial profile during the economic downturn,” said Peter Choy, a Moody’s Vice President and Senior Credit Officer.

‘The track record and commitment to continue to grow with prudence is important to support the A3 rating,’ he added.

As at 30th June, A-REIT has a portfolio of 92 properties with total asset of $4.9 billion and portfolio occupancy of 95.6 percent.

Source : Channel NewsAsia – 27 Aug 2010

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