S&P rates Frasers Centrepoint notes BBB+

Standard & Poor's said it assigned a BBB+ long-term issue rating and axA+ long-term Asean regional scale rating to the unsecured notes that FCT MTN Pte Ltd. issued.

The S$60 million 2.535% series 008 notes are issued under the company's S$1 billion multi-currency medium-term notes program.

FCT MTN is a wholly owned subsidiary of HSBC Institutional Trust Services (Singapore) Ltd., which is a trustee of Frasers Centrepoint Trust and unconditionally and irrevocably guarantees the notes.

FCT will use the proceeds to refinance its existing borrowings, as well as to finance its investments, asset enhancements and for general working capital purposes, S&P said.

The ratings reflect the trust's strong market position and stable recurring income with well-spread lease expiries, the agency said.

FCT's small portfolio of five assets tempers these strengths, S&P said.

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