Moody's Investors Service has assigned a first-time issuer rating of Baa3 to Cambridge Industrial Trust (CIT), a Singapore real estate investment trust, and a provisional (P)Baa3 rating to the SGD500 million multi-currency medium term note (MTN) programme of Cambridge-MTN.
The programme was established by CIT through its wholly owned subsidiary -- Cambridge-MTN -- and is unconditionally and irrevocably guaranteed by RBC Investor Services Trust Singapore Limited, in its capacity as the trustee of CIT.
At the same time, Moody's has assigned a definitive Baa3 rating to all three outstanding series of senior unsecured notes totalling $315 million drawn down under the MTN programme.
The outlook on all ratings is stable.
"CIT's Baa3 ratings are underpinned by its diversified portfolio of well-located industrial assets in Singapore, which provides the trust with income diversification across industrial sub-segments and tenant base, as well as its good operating track record of maintaining stable and resilient earnings," says Rachel Chua, a Moody's Analyst.
The rating also takes into account CIT's moderate financial profile, with adjusted debt to total deposited assets of 39.6% and EBITDA/interest coverage of 3.8x as of 30 September 2015. Moody's calculations incorporate our standard adjustments for operating leases. On an unadjusted basis, CIT's reported debt to deposited assets ratio based on S-REIT regulatory standards was 37.2%.
CIT's secured debt-to-deposited assets ratio declined to below 10% as of 30 September 2015 from historical levels of 25%-35%.
CIT last closed at 60.5 cents.
Moody's Investors Service has assigned a first-time issuer rating of Baa3 to Cambridge Industrial Trust (CIT), a Singapore real estate investment trust, and a provisional (P)Baa3 rating to the SGD500 million multi-currency medium term note (MTN) programme of Cambridge-MTN.
The programme was established by CIT through its wholly owned subsidiary -- Cambridge-MTN -- and is unconditionally and irrevocably guaranteed by RBC Investor Services Trust Singapore Limited, in its capacity as the trustee of CIT.
At the same time, Moody's has assigned a definitive Baa3 rating to all three outstanding series of senior unsecured notes totalling $315 million drawn down under the MTN programme.
The outlook on all ratings is stable.
"CIT's Baa3 ratings are underpinned by its diversified portfolio of well-located industrial assets in Singapore, which provides the trust with income diversification across industrial sub-segments and tenant base, as well as its good operating track record of maintaining stable and resilient earnings," says Rachel Chua, a Moody's Analyst.
The rating also takes into account CIT's moderate financial profile, with adjusted debt to total deposited assets of 39.6% and EBITDA/interest coverage of 3.8x as of 30 September 2015. Moody's calculations incorporate our standard adjustments for operating leases. On an unadjusted basis, CIT's reported debt to deposited assets ratio based on S-REIT regulatory standards was 37.2%.
CIT's secured debt-to-deposited assets ratio declined to below 10% as of 30 September 2015 from historical levels of 25%-35%.
CIT last closed at 60.5 cents.
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The programme was established by CIT through its wholly owned subsidiary -- Cambridge-MTN -- and is unconditionally and irrevocably guaranteed by RBC Investor Services Trust Singapore Limited, in its capacity as the trustee of CIT.
At the same time, Moody's has assigned a definitive Baa3 rating to all three outstanding series of senior unsecured notes totalling $315 million drawn down under the MTN programme.
The outlook on all ratings is stable.
"CIT's Baa3 ratings are underpinned by its diversified portfolio of well-located industrial assets in Singapore, which provides the trust with income diversification across industrial sub-segments and tenant base, as well as its good operating track record of maintaining stable and resilient earnings," says Rachel Chua, a Moody's Analyst.
The rating also takes into account CIT's moderate financial profile, with adjusted debt to total deposited assets of 39.6% and EBITDA/interest coverage of 3.8x as of 30 September 2015. Moody's calculations incorporate our standard adjustments for operating leases. On an unadjusted basis, CIT's reported debt to deposited assets ratio based on S-REIT regulatory standards was 37.2%.
CIT's secured debt-to-deposited assets ratio declined to below 10% as of 30 September 2015 from historical levels of 25%-35%.
CIT last closed at 60.5 cents.
Moody's Investors Service has assigned a first-time issuer rating of Baa3 to Cambridge Industrial Trust (CIT), a Singapore real estate investment trust, and a provisional (P)Baa3 rating to the SGD500 million multi-currency medium term note (MTN) programme of Cambridge-MTN.
The programme was established by CIT through its wholly owned subsidiary -- Cambridge-MTN -- and is unconditionally and irrevocably guaranteed by RBC Investor Services Trust Singapore Limited, in its capacity as the trustee of CIT.
At the same time, Moody's has assigned a definitive Baa3 rating to all three outstanding series of senior unsecured notes totalling $315 million drawn down under the MTN programme.
The outlook on all ratings is stable.
"CIT's Baa3 ratings are underpinned by its diversified portfolio of well-located industrial assets in Singapore, which provides the trust with income diversification across industrial sub-segments and tenant base, as well as its good operating track record of maintaining stable and resilient earnings," says Rachel Chua, a Moody's Analyst.
The rating also takes into account CIT's moderate financial profile, with adjusted debt to total deposited assets of 39.6% and EBITDA/interest coverage of 3.8x as of 30 September 2015. Moody's calculations incorporate our standard adjustments for operating leases. On an unadjusted basis, CIT's reported debt to deposited assets ratio based on S-REIT regulatory standards was 37.2%.
CIT's secured debt-to-deposited assets ratio declined to below 10% as of 30 September 2015 from historical levels of 25%-35%.
CIT last closed at 60.5 cents.
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