S&P rates Perpetual (Asia) notes AA

S&P said it gave an AA rating to a planned sale of Singapore dollar-denominated bonds by Perpetual (Asia) Ltd. in its capacity as trustee of First Real Estate Investment Trust.

“We equalize the rating on the bonds with the long-term foreign currency issuer credit rating on the guarantor, Credit Guarantee and Investment Facility (CGIF: foreign currency: AA/stable/A-1+), a trust fund of the Asian Development Bank. The issue rating is based on CGIF's unconditional, timely and irrevocable guarantee,” S&P said in a press release.

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