Fitch gives Mapletree securities BBB-

Fitch Ratings said it gave Mapletree Industrial Trust's planned perpetual securities a long-term rating of BBB-.

“The proposed perpetual securities are rated two-notches below MIT's long-term issuer default rating (IDR) to reflect their deeply subordinated position in the capital structure, as the securities are senior only to common equity. We treat the proposed perpetual securities as equity because of the loss absorption features. However, the perpetual dividends are included in MIT's funds flow from operations (FFO) fixed-charge cover ratio, in line with our criteria,” the agency said in a press release.

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