Moody's cuts Macarthurcook to Ba2

Moody's Investors Service said it downgraded Macarthurcook Industrial REIT's corporate family rating to Ba2. The rating remains on review for possible downgrade.

The downgrade reflects a belief that the company is not likely to meet the scale and diversity targets that were built into its original rating when it was first assigned, Moody's said.

As a result it shows high levels of asset and tenant concentration, more consistent with a Ba2 rating, the agency said.

The rating remains on downgrade review due to concerns about the company's refinancing risks. About 91% of its total debts, or S$201 million, are due in April 2009 amid challenging credit markets conditions, Moody's said.

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