A-REIT – CNA

Moody’s upgrades mainboard-listed Ascendas Reit’s outlook

Credit ratings agency Moody’s has upgraded its outlook on the rating for Singapore mainboard-listed Ascendas Reit.

It has now given the firm an outlook of “stable” rating, up from “negative”.

Moody’s said the upgrade reflects Ascendas Reit’s better credit metrics.

It noted that Ascendas Reit has been making ongoing efforts to improve its capital management, thereby strengthening its balance sheet and enhancing its financial flexibility.

However, Moody’s remains cautious of weaknesses in Ascendas Reit’s operating environment and the new supply of industrial properties coming on-stream, although it said that any weakness will be manageable, given Ascendas Reit’s good quality assets and improved financial workings.