Mapletree Logistics Trust: Update to credit analysis - Moody's Global Credit Research

Mapletree Logistics Trust: Update to credit analysis

Mapletree Logistics Trust: Update to credit analysis - Moody's Global Credit Research
Mapletree Logistics Trust: Update to credit analysis
Published Dec 11, 2019
8 pages (4376 words) — Published Dec 11, 2019
Price US$ 250.00  |  Buy this Report Now

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Brief Excerpt:

...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....

  
Report Type:

Credit Opinion

Issuer
Mapletree Logistics Trust
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Mapletree Logistics Trust: Update to credit analysis - Credit Opinion – 2020/12/09 – US$ 250.00 – ...Mapletree Logistics Trust's (MLT) Baa2 rating reflects its diversified portfolio of logistics assets across eight markets within Asia-Pacific; stable and recurring rental income from its properties, which will support healthy credit metrics over the next 12-18 months; excellent liquidity over the next 12-18 months; and 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. MLT's credit profile will remain resilient, as the increased demand for logistics and warehouse spaces driven by third-party logistics, e-commerce and pharmaceutical companies will support MLT's properties occupancy rates and rental income. The rating is constrained by MLT's continued appetite for portfolio growth through acquisitions, and exposure to high tenant concentration....

Mapletree Logistics Trust: Equity to finance most of proposed acquisition is credit positive - Issuer Comment – 2020/10/20 – 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; FYE=Fiscal year end. Sources: Moody's Financial MetricsTM and Moody's Investors Service estimates...

Mapletree Logistics Trust: Update following rating affirmation - Credit Opinion – 2020/05/13 – 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 12-18 months; 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. MLT's credit profile will remain resilient, as the increased demand for logistics and warehouse spaces driven by third-party logistics, e-commerce and pharmaceutical companies will support MLT's properties occupancy rates and rental income. Furthermore, the trust has minimal exposure to tenants in sectors severely affected by coronavirus-related disruptions, with around 10% of its revenue derived from such sectors, whereas over 30% is derived from...

Moody's affirms Mapletree Logistics Trust's Baa2 ratings; outlook stable - Rating Action – 2020/05/08 – US$ 180.00 – ...ASSESSMENTS, OTHER OPINIONS AND 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 herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers,...

Mapletree Logistics Trust: Proposed debt-financed acquisitions are credit negative but leverage will remain within rating parameters - Issuer Comment – 2020/01/29 – 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: 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: 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...

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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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MLA:
Moody's Global Credit Research. "Mapletree Logistics Trust: Update to credit analysis" Dec 11, 2019. Alacra Store. Aug 16, 2022. <http://www.alacrastore.com/moodys-credit-research/Mapletree-Logistics-Trust-Update-to-credit-analysis-PBC_1205654>
  
APA:
Moody's Global Credit Research. (). Mapletree Logistics Trust: Update to credit analysis Dec 11, 2019. New York, NY: Alacra Store. Retrieved Aug 16, 2022 from <http://www.alacrastore.com/moodys-credit-research/Mapletree-Logistics-Trust-Update-to-credit-analysis-PBC_1205654>
  
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