Moody's cuts Frasers Hospitality

Moody's Investors Service said it downgraded Frasers Hospitality Trust's issuer ratings to Baa3 from Baa2.

Moody's also downgraded the backed senior unsecured rating on the notes sold by FH-REIT Treasury Pte. Ltd., a wholly owned subsidiary of Frasers, to Baa3 from Baa2.

"The downgrade to Baa3 reflects Moody's expectation that a decline in global travel because of the coronavirus outbreak will weaken demand for FHT's hospitality assets and lower its earnings," said Sweta Patodia, a Moody's analyst, in a press release.

The outlook on all ratings is negative.

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