RCS' favorable location and diversified cash flows offset its single-asset risk. We believe that the Singapore-based REIT is a highly strategic investment of its parents, CMT and CCT, and will receive unequivocal support. We are assigning our 'A-' long-term corporate credit rating and our 'axAA' long-term ASEAN regional scale rating to RCS. The stable outlook reflects our expectation that the stronger parent, CMT, will maintain its earnings quality and prudent financial policies over the next 12-24 months. On March 22, 2017, S&P Global Ratings assigned its 'A-' long-term corporate credit rating to RCS Trust. The outlook is stable. We also assigned our 'axAA' long-term ASEAN regional scale rating to the Singapore-based REIT. The rating on RCS reflects the trust's status
