Moody's may cut Macarthurcook

Moody's Investors Service said it placed Macarthurcook Industrial REIT's Baa3 corporate family rating on review for possible downgrade.

The action reflects Moody's views that - given the dramatically changed market conditions - the company is unlikely to meet the scale and diversity targets that were built into its original rating when it was first assigned, Moody's said.

The agency also said it faces significant refinancing risks with 91% of its total debts, or S$201 million, falling due in April 2009, and which are not covered by available committed facilities.

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