Fitch rates Mapletree Industrial notes BBB+

Fitch Ratings said it assigned a rating of BBB+ to Mapletree Industrial Trust’s new S$60 million 3.79% fixed-rate unsecured and unsubordinated notes due in March 2026.

The agency also said it affirmed Mapletree’s BBB+ long-term ratings on the aggregate outstanding S$245 million unsecured unsubordinated medium-term notes.

The new and the outstanding notes are issued by Mapletree Industrial Trust Treasury Co. Pte. Ltd., a subsidiary of Mapletree, and guaranteed by DBS Trustee Ltd.

The notes constitute direct, unconditional, unsubordinated and unsecured obligations of Mapletree Industrial Trust Treasury and the guarantor, Fitch said.

The proceeds will be used to refinance part of its debt that falls due in the fiscal year ending March 31, 2017, the agency said.

The new issue also will lengthen the group’s weighted average debt maturity of 3.6 years, Fitch said.

The ratings reflect the company’s good Assets and granular portfolio, the agency said.

The ratings also consider the company’s geographic concentration and limited scale, Fitch added.

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