Moody's ups Frasers view to stable

Moody's Investors Service said it changed to stable from negative the outlook of Frasers Centrepoint Trust's Baa1 corporate family rating.

The change in outlook reflects the company's strong operating performance in the recent down cycle, evidenced by continuous revenue growth and high level of occupancy, Moody's said.

The occupancy rate of its key Northpoint Mall has improved, helping stabilize its financial profile with a debt-to-EBITDA ratio at 6.5x, the agency said.

The ratings are supported by its stable income stream and high occupancy rate, Moody's said.

Its ratings could experience downward pressure if it takes on an aggressive debt-funded acquisition strategy or the operating environment deteriorates, the agency added.

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