Fitch: Mapletree notes BBB+

Fitch Ratings said it assigned a final rating of BBB+ to Mapletree Industrial Trust’s S$75 million 3.02% senior unsecured medium-term notes issue due May 11, 2023.

The final rating follows the receipt of documents conforming to information already received, Fitch said, and is in line with the expected rating assigned May 6.

The notes are part of the company’s S$1 billion multi-currency medium-term note program and will constitute direct, unconditional, unsubordinated and unsecured obligations of the issuer, Mapletree Industrial Trust Treasury Co. Pte Ltd. and the guarantor, DBS Trustee Ltd.

DBS Trustee Limited acts as trustee for Mapletree Industrial Trust.

The proceeds will be used to refinance part of the company’s existing debt.

This will lengthen its debt maturity profile and significantly reduce its refinancing needs, Fitch said.

The company has sufficient committed, but unutilized credit facilities, as well as available cash to meet its near-term commitments, the agency said.

The ratings reflect the company’s good assets and granular portfolio of 84 properties across five industrial property types, Fitch said.

It has low industry and tenant concentration, with no single industry accounting for more than 16% of revenue, the agency said, and the 10 largest tenants contributing to less than 18% of revenue.

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