Moody's rates Mapletree notes Baa1

Moody’s Investors Service said it assigned a definitive Baa1 rating to the S$75 million senior notes due 2021 issued by Mapletree Greater China Commercial Treasury Co. (HKSAR) Ltd. under a $1.5 billion euro medium-term securities program. The outlook is stable.

The program was established by Mapletree Greater China Commercial Trust, whose sponsor is Mapletree Investments Pte. Ltd.

The note proceeds will be applied towards the refinancing of the existing borrowings of Mapletree Greater China Commercial Trust.

The agency said Mapletree’s Baa1 issuer rating is based on the trust's stable and recurring income from its investment property portfolio, the support of its financially strong sponsor and the trust’s financial flexibility given that all its debt is unsecured.

Nonetheless, Mapletree’s rating is constrained by its revenue concentration in Festival Walk and potential event risks should the trust accelerate its expansion into less mature markets such as second-tier key cities in China, Moody’s said.

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