This report does not constitute a rating action. SINGAPORE (S&P Global Ratings) Feb. 6, 2025--CapitaLand Integrated Commercial Trust (CICT) has sufficient financial capability to upgrade its assets and future-proof its portfolio. High quality and good positioning of the REIT's portfolio will continue to drive performance, in our view. We expect CICT (A-/Stable/--) to prudently manage its credit ratios amid its efforts to enhance its portfolio. In our view, the Singapore-headquartered REIT might consider additional initiatives to enhance assets across its portfolio. This will keep CICT's assets competitive, particularly in weaker markets such as North Sydney, Australia. This is on top of two ongoing asset enhancement projects--its IMM Building in Singapore and Gallileo commercial building in Frankfurt, Germany--that it will complete
