S&P Frasers Centrepoint notes BBB+

S&P said it assigned its BBB+ long-term issue rating and axA+ long-term Asean regional scale rating to the unsecured notes issued by FCT MTN Pte Ltd. The S$90 million series 011 2.365% notes are issued under the company's S$1 billion multicurrency medium-term note program and will mature on April 3, 2020.

FCT MTN is a wholly owned subsidiary of HSBC Institutional Trust Services (Singapore) Ltd. HSBCIT, in its capacity as trustee of Frasers Centrepoint Trust (BBB+/stable/--; axA+/--), unconditionally and irrevocably guarantees the notes.

S&P said the rating on FCT, a Singapore-based REIT, reflects the trust's solid market position and stable recurring income with well-spread lease expires. FCT's small portfolio of six assets tempers these strengths, the agency added.

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