Moody's gives Baa1 to Waypoint MTNs

Moody's Investors Service said it assigned prospective Baa1 senior unsecured ratings to the medium-term notes program of VER Finco Pty Ltd., a wholly owned subsidiary of Waypoint REIT Ltd. (Baa1 stable).

At the same time, Moody's assigned a Baa1 senior unsecured rating to the A$200 million notes issued out of the MTN program.

Proceeds of the notes will be used for general corporate purposes and refinancing existing debt.

The outlook is stable.

Waypoint REIT’s Baa1 rating reflects the REIT's good quality property portfolio, comprising a large network of service stations across Australia, in an industry with high barriers to entry. Waypoint REIT’s rating is constrained by its high tenant concentration risk with most of the REIT's sites leased by Viva Energy Group, which Moody's considers to have a weaker credit profile than that of the REIT.

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