RCS Trust's Proposed Unsecured Notes Issued Under Its Euro MTN Program Rated 'A-' - S&P Global Ratings’ Credit Research

RCS Trust's Proposed Unsecured Notes Issued Under Its Euro MTN Program Rated 'A-'

RCS Trust's Proposed Unsecured Notes Issued Under Its Euro MTN Program Rated 'A-' - S&P Global Ratings’ Credit Research
RCS Trust's Proposed Unsecured Notes Issued Under Its Euro MTN Program Rated 'A-'
Published Mar 12, 2018
3 pages (1225 words) — Published Mar 12, 2018
Price US$ 150.00  |  Buy this Report Now

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Abstract:

SINGAPORE (S&P Global Ratings) March 12, 2018--S&P Global Ratings today assigned its 'A-' long-term issue rating to the proposed unsecured notes issued by RCS Trust (RCS: A-/Stable/--). The seven-year Singapore dollar 275 million series 002 (3.2%) notes will mature in 2025, and are issued under the trust's US$2 billion euro medium-term notes (MTN) program. We view this refinancing as extending RCS' debt maturity profile. The proceeds from the transaction will go toward refinancing bank loans. The rating on RCS reflects the trust's status as a highly strategic investment of its sponsor parents CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT: BBB+/Stable/--). CMT has a 40% stake in RCS and we assess its credit profile as 'a'; CCT has a

  
Brief Excerpt:

...SINGAPORE (S&P Global Ratings) March 12, 2018--S&P Global Ratings today assigned its 'A-' long-term issue rating to the proposed unsecured notes issued by RCS Trust (RCS: A-/Stable/--). The seven-year Singapore dollar 275 million series 002 (3.2%) notes will mature in 2025, and are issued under the trust's US$2 billion euro medium-term notes (MTN) program. We view this refinancing as extending RCS' debt maturity profile. The proceeds from the transaction will go toward refinancing bank loans. The rating on RCS reflects the trust's status as a highly strategic investment of its sponsor parents CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT: ###+/Stable/--). CMT has a 40% stake in RCS and we assess its credit profile as 'a'; CCT has a 60% stake. We expect RCS to benefit from an exceptionally high likelihood of support from its parents. We link RCS' creditworthiness to that of CMT, the stronger of the two parents. Changes in our assessment of RCS' stand-alone credit profile...

  
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's Proposed Unsecured Notes Issued Under Its Euro MTN Program Rated 'A-'" Mar 12, 2018. Alacra Store. May 18, 2025. <http://www.alacrastore.com/s-and-p-credit-research/RCS-Trust-s-Proposed-Unsecured-Notes-Issued-Under-Its-Euro-MTN-Program-Rated-A-2004985>
  
APA:
S&P Global Ratings’ Credit Research. (). RCS Trust's Proposed Unsecured Notes Issued Under Its Euro MTN Program Rated 'A-' Mar 12, 2018. New York, NY: Alacra Store. Retrieved May 18, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/RCS-Trust-s-Proposed-Unsecured-Notes-Issued-Under-Its-Euro-MTN-Program-Rated-A-2004985>
  
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