Fitch: Mapletree notes BBB+

Fitch Ratings said it assigned a final rating of BBB+ to Mapletree Industrial Trust Treasury Co. Pte. Ltd.'s S$125 million 3¾% fixed-rate notes due 2019.

The notes are issued out of the trust's S$1 billion multi-currency medium-term note program and constitute direct, unconditional, unsubordinated and unsecured obligations of Mapletree and Mapletree's guarantor, DBS Trustee Ltd.

DBS Trustee is the trustee for Mapletree Industrial Trust, the agency said.

The rating is supported by Mapletree's granular industrial property portfolio across Singapore with a diversified tenant base and high occupancy rate, Fitch said.

It further reflects demonstrated stable operating performance and adequate debt-service coverage levels, the agency said.

The rating also considers its tight liquidity coverage and geographical concentration in Singapore, as well as the inherent cyclicality of the industrial property market, Fitch said.

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