RCS Trust Euro MTN Program And Proposed Drawdown Assigned 'A-' Ratings - S&P Global Ratings’ Credit Research

RCS Trust Euro MTN Program And Proposed Drawdown Assigned 'A-' Ratings

RCS Trust Euro MTN Program And Proposed Drawdown Assigned 'A-' Ratings - S&P Global Ratings’ Credit Research
RCS Trust Euro MTN Program And Proposed Drawdown Assigned 'A-' Ratings
Published May 29, 2017
4 pages (1541 words) — Published May 29, 2017
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

SINGAPORE (S&P Global Ratings) May 29, 2017--S&P Global Ratings today assigned its 'A-' long-term issue rating and 'axAA' long-term ASEAN regional scale rating to the US$2 billion euro medium-term note (MTN) program and proposed drawdown of unsecured notes by RCS Trust (A-/Stable/--; axAA/--). RCS Trust will use the proceeds to refinance bank borrowings. After the refinancing, RCS Trust's portfolio will remain unencumbered. The rating on RCS Trust reflects the trust's status as a highly strategic investment of its sponsor parents CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT: A-/Stable/--; axAA/--). CMT has a 40% stake in RCS Trust and we assess its credit profile as 'a'; CCT has a 60% stake. We expect RCS Trust to benefit from an

  
Brief Excerpt:

...SINGAPORE (S&P Global Ratings) May 29, 2017--S&P Global Ratings today assigned its 'A-' long-term issue rating and 'axAA' long-term ASEAN regional scale rating to the US$2 billion euro medium-term note (MTN) program and proposed drawdown of unsecured notes by RCS Trust (A-/Stable/--; axAA/--). RCS Trust will use the proceeds to refinance bank borrowings. After the refinancing, RCS Trust's portfolio will remain unencumbered. The rating on RCS Trust reflects the trust's status as a highly strategic investment of its sponsor parents CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT: A-/Stable/--; axAA/--). CMT has a 40% stake in RCS Trust and we assess its credit profile as 'a'; CCT has a 60% stake. We expect RCS Trust to benefit from an exceptionally high likelihood of support from its parents. We link RCS Trust's creditworthiness to that of CMT, the stronger of the two parents. Changes in our assessment of RCS Trust's stand-alone credit profile (SACP) of '###' are unlikely...

  
Report Type:

Ratings Action

Issuer
RCS Trust
Sector
Global Issuers, Structured Finance
Country
Singapore
Region
Emerging Markets
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "RCS Trust Euro MTN Program And Proposed Drawdown Assigned 'A-' Ratings" May 29, 2017. Alacra Store. May 18, 2025. <http://www.alacrastore.com/s-and-p-credit-research/RCS-Trust-Euro-MTN-Program-And-Proposed-Drawdown-Assigned-A-Ratings-1857826>
  
APA:
S&P Global Ratings’ Credit Research. (). RCS Trust Euro MTN Program And Proposed Drawdown Assigned 'A-' Ratings May 29, 2017. New York, NY: Alacra Store. Retrieved May 18, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/RCS-Trust-Euro-MTN-Program-And-Proposed-Drawdown-Assigned-A-Ratings-1857826>
  
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