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

SINGAPORE (S&P Global Ratings) Aug. 30, 2018--S&P Global Ratings today assigned its 'A-' long-term issue rating to the proposed unsecured notes to be issued by RCS Trust (A-/Stable/--). The six-year Singapore dollar (S$) 150 million series 003 (3.05%) notes will mature in 2024. They are issued under RCS' US$2 billion euro medium-term notes (MTN) program. The trust will use the proceeds to refinance debt and extend its maturity profile. We equalize the issue rating on the notes with the issuer credit rating on RCS. That's because we believe the company's capital structure does not have any significant structural or contractual subordination risk. The rating on RCS reflects the Singapore-based trust's status as a highly strategic investment of its sponsor parents

...SINGAPORE (S&P Global Ratings) Aug. 30, 2018--S&P Global Ratings today assigned its 'A-' long-term issue rating to the proposed unsecured notes to be issued by RCS Trust (A-/Stable/--). The six-year Singapore dollar (S$) 150 million series 003 (3.05%) notes will mature in 2024. They are issued under RCS' US$2 billion euro medium-term notes (MTN) program. The trust will use the proceeds to refinance debt and extend its maturity profile. We equalize the issue rating on the notes with the issuer credit rating on RCS. That's because we believe the company's capital structure does not have any significant structural or contractual subordination risk. The rating on RCS reflects the Singapore-based 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...

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