Mapletree Logistics Trust: MLTs equity raise will improve financial flexibility, a credit positive - Moody's Global Credit Research

Mapletree Logistics Trust: MLTs equity raise will improve financial flexibility, a credit positive

Mapletree Logistics Trust: MLTs equity raise will improve financial flexibility, a credit positive - Moody's Global Credit Research
Mapletree Logistics Trust: MLTs equity raise will improve financial flexibility, a credit positive
Published Sep 21, 2018
2 pages (1956 words) — Published Sep 21, 2018
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Brief Excerpt:

...All figures and ratios are calculated using Moody's estimates and standard adjustments. Moody's Forecasts (f) or Projections (proj.) are Moody's opinion and do not represent the views of the issuer. FY2018 denotes fiscal year ended 31 March 2018. Sources: Moody's Financial Metrics, Moody's Investors Service estimates...

  
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Issuer Comment

Issuer
Mapletree Logistics Trust
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Mapletree Logistics Trust: Update to credit analysis - Credit Opinion – 2019/12/11 – US$ 250.00 – ...Mapletree Logistics Trust's (MLT) Baa2 rating reflects its (1) diversified portfolio of logistics assets across eight markets within Asia Pacific; (2) stable and recurring rental income from its properties which will support healthy credit metrics over the next 12-18 months; (3) excellent liquidity over the next 12 months, with no reliance on secured funding; and (4) its ownership by a financially strong sponsor, Mapletree Investments Pte Ltd (Mapletree Investments), because the trust can leverage its sponsor's expertise, track record and strong network of relationship banks. The rating is constrained by MLT's (1) continued appetite for portfolio growth through acquisitions, and (2) increased exposure to tenant concentration....

Mapletree Logistics Trust: Equity placement to finance proposed acquisition is credit positive - Issuer Comment – 2019/10/23 – US$ 200.00 – ...Ratios are calculated using Moody's estimates and standard adjustments. Debt calculation incorporates the 50% equity treatment assigned to the trust's SGD430 million perpetual securities. Sources: Moody's Financial MetricsTM and Moody's Investors Service estimates...

Mapletree Logistics Trust - December 2018 (LTM): Peer Snapshot - Peer Snapshot – 2019/02/21 – US$ 750.00 – ...Baa2 Stable A3 Positive Baa3 Stable Baa1 Stable Mapletree Logistics Trust Ascendas Real Estate Investment Trust ESR-REIT Mapletree Commercial Trust...

Mapletree Logistics Trust: Update to credit analysis - Credit Opinion – 2019/01/14 – US$ 250.00 – ...Mapletree Logistics Trust's (MLT) Baa2 issuer rating reflects its diversified portfolio of logistics assets across eight markets within Asia Pacific, stable and recurring rental income from its properties, good financial flexibility with no reliance on secured funding and the strong support from its financially-strong sponsor, Mapletree Investments Pte Ltd. At the same time, the rating remain constrained by MLT's continued appetite for portfolio growth through acquisitions, heightened exposure to tenant concentration, soft operating environment in Singapore which we believe will only see a modest recovery after mid-2019, as well as the inherent liquidity risks associated with Singapore REITs as a result of their high dividend payout ratios and minimum cash balances....

Mapletree Logistics Trust - September 2018 (LTM): Peer Snapshot - Peer Snapshot – 2018/12/11 – US$ 750.00 – ...Baa2 Stable A3 Positive Baa3 Stable Baa1 Stable Mapletree Logistics Trust Ascendas Real Estate Investment Trust ESR-REIT Mapletree Commercial Trust...

Mapletree Logistics Trust - June 2018 (LTM): Peer Snapshot - Peer Snapshot – 2018/09/05 – US$ 750.00 – ...Baa2 Stable A3 Positive Baa3 Stable Baa1 Stable Mapletree Logistics Trust Ascendas Real Estate Investment Trust ESR-REIT Mapletree Commercial Trust...

Mapletree Logistics Trust: Update following ratings downgrade to Baa2 - Credit Opinion – 2018/07/13 – US$ 250.00 – ...Mapletree Logistics Trust's (MLT) Baa2 issuer rating reflects its diversified portfolio of logistics assets across eight markets within Asia Pacific, stable and recurring rental income from its properties, good financial flexibility with no reliance on secured funding and the strong support from its financially-strong sponsor Mapletree Investments Pte Ltd. (Mapletree Investments). At the same time, MLT's rating incorporates our expectations that its credit metrics will weaken following its proposed purchase of five logistics assets in Singapore, on the assumption that the purchase will be debt funded, and that the trust will continue to pursue portfolio growth through acquisitions over the next 12-24 months. The rating also takes into account its heightened exposure to tenant concentration, soft operating environment in Singapore which we believe will only see a modest recovery in early 2019, as well as the inherent liquidity risks associated with Singapore REITs as a result of their high...

Moody's downgrades Mapletree Logistics Trust to Baa2; outlook stable - Rating Action – 2018/07/10 – US$ 180.00 – ...MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained...

Mapletree Logistics Trust - March 2018 (LTM): Peer Snapshot - Peer Snapshot – 2018/06/07 – US$ 750.00 – ...Baa1 Stable A3 Positive Baa3 Stable Baa1 Stable Mapletree Logistics Trust Ascendas Real Estate Investment Trust ESR-REIT Mapletree Commercial Trust...

Mapletree Logistics Trust: Mapletree Logistics Trust raises equity to fund acquisition of properties in China, a credit positive - Issuer Comment – 2018/06/04 – US$ 200.00 – ...Projections are on a look-through basis, assuming a full-year of rental income generated from the 11 properties in fiscal 2019, which ends on 31 March 2019. Sources: Moody's Financial Metrics and Moody's Investors Service estimates...

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Moody's Global Credit Research—Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk. For issuers, Moody's services increase market liquidity and may reduce transaction costs.

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Cite this Report

  
MLA:
Moody's Global Credit Research. "Mapletree Logistics Trust: MLTs equity raise will improve financial flexibility, a credit positive" Sep 21, 2018. Alacra Store. Jan 28, 2023. <http://www.alacrastore.com/moodys-credit-research/Mapletree-Logistics-Trust-MLTs-equity-raise-will-improve-financial-flexibility-a-credit-positive-PBC_1142847>
  
APA:
Moody's Global Credit Research. (). Mapletree Logistics Trust: MLTs equity raise will improve financial flexibility, a credit positive Sep 21, 2018. New York, NY: Alacra Store. Retrieved Jan 28, 2023 from <http://www.alacrastore.com/moodys-credit-research/Mapletree-Logistics-Trust-MLTs-equity-raise-will-improve-financial-flexibility-a-credit-positive-PBC_1142847>
  
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