Fitch rates Mapletree BBB+

Fitch Ratings said it assigned a final long-term issuer default rating of BBB+ to Mapletree Industrial Trust in conjunction with its listing on the Singapore Exchange on Oct. 21.

The outlook is stable.

The rating is based on the company's large and granular portfolio of industrial buildings in Singapore, high quality and diversified tenant mix, a well spread out and manageable lease expiration schedule and experienced leasing and management team, Fitch said.

The company's portfolio is completely unencumbered and its debt maturity profile is spread out, leading to lower refinancing risk, the agency said.

Balancing these strengths is its moderate leverage of 38.5% at listing, the geographic concentration in Singapore and the concentration in the industrial property sector, Fitch added.

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