Fitch assigns Starhill Global, notes BBB

Fitch Ratings said it assigned a long-term issuer default rating of BBB to Starhill Global Real Estate Investment Trust with a stable outlook.

The agency also assigned a BBB long-term rating to the S$2 billion multi-currency medium-term notes program and the S$295 million of notes issued off the program to date, issued by the wholly owned subsidiary Starhill Global REIT MTN Pte. Ltd.

The ratings are underpinned by cash flow visibility driven by around 50% of gross rent derived from long-term master leases or anchor leases with built-in periodic rent escalations which provide downside protection, Fitch said.

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