Moody's: Mapletree notes Baa3

Moody's Investors Service said it assigned a provisional Baa3 rating to the proposed issue of perpetual securities by HSBC Institutional Trust Services Ltd. in its capacity as trustee of Mapletree Logistics Trust.

Moody's also said it affirmed Mapletree Logistics' Baa1 corporate family rating.

The outlook is stable.

The proceeds will be applied to general corporate purposes, including the expansion of the portfolio.

The ratings reflect the stable and recurring earnings and cash flow streams derived from its good mix of portfolio, with quality and strategically located logistics assets, Moody's said.

These core assets are supported by a diverse and good quality tenant mix and relatively long leases, the agency said.

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