Moody's affirms Frasers

Moody's Investors Service said it affirmed Frasers Centrepoint Trust's Baa1 corporate family rating.

The outlook remains negative.

Moody's said that this affirmation follows the company's announcement of its proposed conditional acquisition of two malls in Singapore for a total consideration of around S$290 million, and which is expected to be funded by a combination of equity and debt.

"The two assets are well-located suburban malls in the vicinity of MRT stations, serving high-density housing estates and offering immediate cash flow to Frasers," said Peter Choy, a Moody's vice president and senior credit officer.

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