Moody's ups K-REIT to positive

Moody's Investors Service said it changed to positive from stable the outlook on K-REIT Asia's Baa3 corporate family rating.

The action reflects a material improvement of K-REIT's portfolio asset quality, albeit partially offset by an expected increase in leverage from its planned acquisition of an 87.5% stake in Ocean Properties Pte. Ltd. for about S$1.6 billion, the agency said.

By acquiring another prominent commercial asset in Singapore's commercial business district, K-REIT will substantially increase its total portfolio size and further enhance its exposure to the prime Singapore office market, Moody's said.

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