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Fitch affirms CDL Hospitality
Fitch Ratings said it affirmed CDL Hospitality Real Estate Investment Trust (H-REIT)'s long-term issuer default rating at BBB-.
The outlook remains stable.
The affirmation reflects H-REIT's credit strengths, including the good location of its hotel portfolio properties, a completely unencumbered portfolio affording it greater financial flexibility, and experienced management team, Fitch said.
The stable outlook reflects the strong and improving underlying occupancy rates and the revenue per available room for its Singapore portfolio, the agency said, as well as the stability of the Australian rental income guaranteed by Accor SA.
Credit concerns are focused on the geographical concentration of its hotel properties in Singapore, Fitch added, and its concentration in the volatile hotel sector.
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