Moody's affirmed its ratings on GLP Pte. Ltd. and revised the outlook to stable from negative.

Specifically, the rating agency affirmed the Singapore-based modern logistics facility provider's Baa3 issuer rating, the (P)Baa3 rating on its senior unsecured medium-term note program and the Baa3 senior unsecured rating on the notes issued under the program.

Moody's said the outlook revision takes into account the fall in GLP's leverage since March and its expectation that the company's leverage will continue to improve over the next one to two years.

The company's issuer rating factors in its large and globally diversified portfolio and income streams, and its stable operating performance, among other factors, while its private company status, growing financial services business in China and frequent acquisitions and high debt leverage limit the rating, according to the rating agency.