S&P gives FLCT Treasury notes BBB+

S&P said it gave a BBB+ long-term issue rating to the Singapore dollar-denominated senior unsecured notes that FLCT Treasury Pte. Ltd. plans to issue. The company, a wholly owned subsidiary of Frasers Logistics & Commercial Trust will issue the proposed notes under its S$1 billion multicurrency debt issuance program. FLCT Treasury's primary function is to raise debt on the group's behalf.

“We equalize the rating on the proposed notes with the issuer credit rating on FLCT. Perpetual (Asia) Ltd., in its capacity as trustee of FLCT, will guarantee the notes. We do not view FLCT's capital structure as having material structural or contractual subordination risks,” S&P said in a press release.

The proceeds are expected to be used to refinance debt.

“The seven-year issuance will extend the debt maturity of the Singapore-based REIT but is otherwise credit-neutral,” the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.