This report does not constitute a rating action. SINGAPORE (S&P Global Ratings) Feb. 7, 2024--CapitaLand Integrated Commercial Trust (CICT) can keep its leverage in check even as it undertakes asset enhancement over the next two years. Diverse income streams and a sizable high-quality portfolio will provide earnings resilience. The REIT's stable financial performance in 2023 reinforces our view of its sound asset quality. CICT (A-/Stable/--) can maintain stable credit metrics in 2024, with potential improvements in 2025, in our view. We estimate the Singapore-headquartered REIT will have a ratio of funds from operations (FFO) to debt of 7.1%-7.5% in 2024, similar to 2023. The ratio could rise to 7.5%-7.9% in 2025, with support from broad-based operating improvements and lower interest
