Moody's: Mapletree Commercial notes Baa2

Moody's Investors Service said it assigned a definitive Baa2 senior unsecured rating to the S$70 million notes due 2021 issued by Mapletree Commercial Trust Treasury Co. Pte. Ltd., a wholly owned subsidiary of Mapletree Commercial Trust, under its existing medium-term note program, which is rated provisional Baa2.

The outlook is stable.

The proceeds from the notes issued will be used to refinance existing borrowings of Mapletree Commercial Trust.

Moody's said Mapletree Commercial Trust's Baa2 issuer rating is based on the trust's stable and recurring income from its investment portfolio.

The rating is further supported by its strong link to Temasek Holdings (Private) Ltd., through its sponsor, Mapletree Investments Pte. Ltd. Moody's said it notes that Mapletree Commercial Trust enjoys good access to the capital markets and is able to raise funds competitively on an unsecured basis.

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