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Moody’s gives Charter Hall, notes Baa1
Moody's Investors Service said it assigned a provisional Baa1 senior unsecured issuer rating to Charter Hall Retail REIT (CQR).
At the same time, the agency assigned a rating of provisional Baa1 to a senior unsecured $200 million note issuance to Charter Hall Retail Management Ltd., as responsible entity of the Charter Hall Retail REIT.
The outlook is stable.
"The provisional (P)Baa1 rating reflects CQR's strong business and operating profile which is underpinned by high portfolio occupancy levels of around 98.5% and long weighted average lease expiry (WALE)," Moody’s vice president and senior credit officer Maurice O'Connell said in a news release.
"The rating is additionally supported by a high percentage of revenue being derived from anchor tenants Woolworths Ltd. (A3 stable) and Wesfarmers Ltd. (A3 stable) with long leases which typically have 11 or more years to run."
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