Fitch rates Parkway Life notes

Fitch Ratings said it assigned a rating of BBB to Parkway Life MTN Pte. Ltd.'s S$50 million floating-rate notes issue, maturing March 2013. This note issue is drawn under the BBB-rated S$500 million medium-term program and is unconditionally and irrevocably guaranteed by HSBC Institutional Trust Services (Singapore) Ltd. in its capacity as the trustee of Parkway Life REIT, which has a long-term issuer default rating of BBB.

Net proceeds from the issue will be on-lent to Parkway REIT's trustee to refinance its existing borrowings and fund general working capital purposes, the agency said.

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