Moody’s rates Frasers notes Baa2

Moody's Investors Service said it assigned a Baa2 senior unsecured rating to the S$100 million notes issued by Frasers Commercial Trust (Baa2 stable) through FCOT Treasury Pte. Ltd., drawn down from its existing S$1 billion multi-currency medium-term note program, which is rated provisional Baa2.

The notes have a coupon of 2.835% and will mature on Aug. 11, 2021. This is the first tranche of notes drawn down from the program.

The outlook is stable.

Proceeds will be used to refinance the company’s existing borrowings.

"FCOT's Baa2 issuer rating reflects its strengthened financial profile, driven by its prudent financial management and healthy operating performance," Moody's vice president and senior analyst Jacintha Poh said in a news release.

"The rating also reflect the trust's balanced portfolio of properties located in the well-regulated markets of Singapore and Australia."

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