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Moody's affirms MapletreeLog
Moody's Investors Service said it affirmed MapletreeLog's Baa2 rating and changed the outlook to stable from negative.
The affirmation reflects a significant improvement in the group's leverage and liquidity position following a rights offering that is largely supported by its sponsor, Mapletree Investments Pte Ltd., Moody's said.
Its debt-to-EBITDA ratio of about 8x and EBITDA-to-interest ratio of about 3.5x are appropriate for the Baa2 rating, the agency said.
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