Moody's upgrades Dream Global

Moody's Investors Service said it upgraded the long-term issuer rating of Dream Global Real Estate Investment Trust to Baa2 from Baa3.

Moody's also said it upgraded the €375 million backed senior unsecured notes due 2021 issued by Dream Global Funding I Sarl to Baa2 from Baa3.

The outlook remains stable.

Moody's also said it assigned a Baa2 rating to the planned €300 million backed senior unsecured notes that will be issued by Dream Global Funding I.

The upgrades assume a successful placement of the planned notes, the agency said.

The upgrades reflect the substantial progress that Dream Global has made in reducing leverage and increasing its financial flexibility by diversifying its sources of funding and increasing unencumbered assets, Moody's said.

The agency said it expects the company to continue delivering strong operational performance to strengthen its position in the Baa2 rating category.

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