Moody’s cuts Mapletree to Baa2

Moody's Investors Service said it downgraded Mapletree Logistics Trust's (MLT) issuer rating to Baa2 from Baa1.

At the same time, the agency downgraded the backed senior unsecured rating on the medium-term note programs of MapletreeLog Treasury Co. Pte. Ltd. (MTC) and MapletreeLog Treasury Co. (HKSAR) Ltd. (MTCHK) to provisional Baa2 from provisional Baa1.

It also downgraded the backed senior unsecured rating on the notes drawn down from the program under MTC to Baa2 from Baa1. The notes and programs are guaranteed by Mapletree.

"The ratings downgrade to Baa2 reflects our expectations that MLT's credit metrics will weaken materially following its proposed purchase of five logistics assets in Singapore and that the trust will continue to aggressively pursue portfolio growth through acquisitions over the next 12-24 months," Moody's assistant vice president and analyst Rachel Chua said in a news release.

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