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Frasers Commercial Trust (FCOT) has for the first time been upgraded to a Baa3 investment grade rating with a stable outlook by Moody’s Investors Service.
“FCOT’s Baa3 corporate family rating is based on its balanced portfolio of properties located in the well-regulated markets of Singapore and Australia. It also takes into account FCOT’s healthy lease expiry profile, which generates stable rentals and recurring cash flows, despite its small asset size and revenue,” noted Jacintha Poh, analyst at Moody’s.
The stable rating underscores expectations that FCOT’s properties will continue to generate stable income thanks to steady occupancy levels and positive rental reversion.
The trust’s portfolio includes five office buildings in Singapore and Australia with a combined value of around S$1.8 billion. It is managed by Frasers Centrepoint Asset Management (Commercial) Limited, a wholly-owned subsidiary of Frasers Centrepoint.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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