S&P rates IREIT Global BB

Standard & Poor’s said it assigned a BB long-term corporate credit rating to IREIT Global, along with an axBBB- long-term Asean regional scale rating.

The outlook is stable.

The ratings reflect IREIT’s concentrated tenant profile, lumpy lease expiry, small portfolio, limited market presence and limited financial flexibility in a competitive market, S&P said.

These weaknesses are partly offset by the trust’s good-quality assets, full occupancy by blue-chip tenants, long lease expiry and sound lease structures that offer high visibility of cash flows, the agency said.

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