Moody's downgrades Mapletree Logistics Trust to Baa2; outlook stable

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...

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...

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...

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....