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 Oct 20, 2021
8 pages (4392 words) — Published Oct 20, 2021
Price US$ 250.00  |  Buy this Report Now

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Brief Excerpt:

...Mapletree Logistics Trust's (MLT) Baa2 rating reflects its diversified portfolio of logistics assets across nine 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 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....

  
Report Type:

Credit Opinion

Company:
Issuer
Mapletree Logistics Trust
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Moody's affirms Mapletree Logistics Trust's Baa2 ratings on acquisition of properties in China, Vietnam and Japan; outlook stable - Rating Action – 2021/11/25 – Free – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR 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. MOODY'S CREDIT RATINGS, 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...

Mapletree Logistics Trust: Acquisition of two logistics properties in India is credit negative - Issuer Comment – 2021/03/18 – 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. LTM = Last 12 months. Sources: Moody's Financial MetricsTM and Moody's Investors Service estimates...

Mapletree Logistics Trust: Proposed debt-funded acquisition is credit negative but leverage will stay within rating levels - Issuer Comment – 2021/02/17 – 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. LTM = Last 12 months. Sources: Moody's Financial MetricsTM and Moody's Investors Service estimates...

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...

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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: Update to credit analysis" Oct 20, 2021. Alacra Store. Nov 30, 2021. <http://www.alacrastore.com/moodys-credit-research/Mapletree-Logistics-Trust-Update-to-credit-analysis-PBC_1306814>
  
APA:
Moody's Global Credit Research. (). Mapletree Logistics Trust: Update to credit analysis Oct 20, 2021. New York, NY: Alacra Store. Retrieved Nov 30, 2021 from <http://www.alacrastore.com/moodys-credit-research/Mapletree-Logistics-Trust-Update-to-credit-analysis-PBC_1306814>
  
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