Mapletree Logistics Trust: Mapletree Logistics Trust raises equity to fund acquisition of properties in China, a credit positive - Moody's Global Credit Research

Mapletree Logistics Trust: Mapletree Logistics Trust raises equity to fund acquisition of properties in China, a credit positive

Mapletree Logistics Trust: Mapletree Logistics Trust raises equity to fund acquisition of properties in China, a credit positive - Moody's Global Credit Research
Mapletree Logistics Trust: Mapletree Logistics Trust raises equity to fund acquisition of properties in China, a credit positive
Published Jun 04, 2018
4 pages (2254 words) — Published Jun 04, 2018
Price US$ 200.00  |  Buy this Report Now

About This Report

  
Brief Excerpt:

...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...

  
Report Type:

Issuer Comment

Issuer
Mapletree Logistics Trust
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Mapletree Logistics Trust: MLTs equity raise will improve financial flexibility, a credit positive - Issuer Comment – 2018/09/21 – US$ 200.00 – ...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...

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: MLT raises equity to fund acquisition in China, a credit positive - Issuer Comment – 2018/05/30 – US$ 200.00 – ...Note: Projections are on a look-through basis, assuming a full-year of rental income generated from the 11 properties in FY19 Sources: Moody's Financial Metrics, Moody's Investors Service estimates...

Mapletree Logistics Trust: Update to credit analysis - Credit Opinion – 2018/03/28 – US$ 250.00 – ...Mapletree Logistics Trust's (MLT) Baa1 issuer rating reflects the trust's (1) diversified portfolio of logistics assets across eight markets within Asia Pacific; (2) stable and recurring income; and (3) good financial flexibility, given that all its debt is funded on an unsecured basis. MLT's rating also takes into account the support of Mapletree Investments Pte. Ltd. (Mapletree Investments), the trust's financially strong sponsor with strong banking relationships, and MLT's track record of good access to diversified funding sources. While MLT's capital structure has improved following its equity fund raising in September and October 2017, the trust's adjusted leverage remains relatively high. MLT's rating also remains constrained by (1) its continued acquisitive portfolio growth strategy; and (2) the soft operating environment within the Singapore industrial property segment, which we believe will only rebalance with a modest recovery starting early 2019. MLT is also exposed to the inherent...

Mapletree Logistics Trust - December 2017 (LTM): Peer Snapshot - Peer Snapshot – 2018/02/28 – US$ 750.00 – ...Source: Moody's Financial MetricsTM. All figures & ratios calculated using Moody's estimates & standard adjustments. FYE = Financial Year-End. LTM = Last Twelve Months. RUR* = Ratings under Review, where UPG = for upgrade and DNG = for downgrade....

Mapletree Logistics Trust - September 2017 (LTM): Peer Snapshot - Peer Snapshot – 2017/11/28 – US$ 750.00 – ¬ 2017 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS...

Mapletree Logistics Trust: Update following change in outlook to stable - Credit Opinion – 2017/09/21 – US$ 250.00 – ...Mapletree Logistics Trust's (MLT) Baa1 issuer rating reflects the trust's (1) diversified portfolio of logistics assets across eight markets within Asia Pacific; (2) stable and recurring income; and (3) good financial flexibility, given that all its debt is funded on an unsecured basis. The trust's rating also takes into account the support of Mapletree Investments Pte. Ltd. (unrated), MLT's financially strong sponsor with strong banking relationships and the trust's track record of good access to diversified funding sources. While the equity fund raising announced on 28 August 2017 will improve MLT's capital structure, its adjusted leverage remains high. MLT's rating also remains constrained by (1) its continued acquisitive portfolio growth strategy; and (2) the weak outlook within the Singapore industrial property segment, which we believe will strain rental and occupancy rates over the next 12-18 months. MLT is also exposed to the inherent liquidity risks associated with Singapore real...

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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: Mapletree Logistics Trust raises equity to fund acquisition of properties in China, a credit positive" Jun 04, 2018. Alacra Store. Mar 28, 2024. <http://www.alacrastore.com/moodys-credit-research/Mapletree-Logistics-Trust-Mapletree-Logistics-Trust-raises-equity-to-fund-acquisition-of-properties-in-China-a-credit-positive-PBC_1128362>
  
APA:
Moody's Global Credit Research. (). Mapletree Logistics Trust: Mapletree Logistics Trust raises equity to fund acquisition of properties in China, a credit positive Jun 04, 2018. New York, NY: Alacra Store. Retrieved Mar 28, 2024 from <http://www.alacrastore.com/moodys-credit-research/Mapletree-Logistics-Trust-Mapletree-Logistics-Trust-raises-equity-to-fund-acquisition-of-properties-in-China-a-credit-positive-PBC_1128362>
  
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