Moody's cuts Macarthurcook

Moody's Investors Service said it downgraded Macarthurcook Industrial REIT's corporate family rating to B2 from B1, and continues its review of the rating for possible further downgrade.

The downgrade reflects the existence of heightened liquidity pressure, given that the company has not yet secured definitive long-term refinancing for its S$201 million loan originally due April 18, Moody's said. The lenders have extended the maturity date to June 16, the agency said.

Moody's said it remains uncertain as to what terms and conditions will accompany any refinancing exercise.

The downgrade also reflects concerns that the company has unfunded financing needs of S$91 million for the completion of a project, the agency said.

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