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Fitch affirms Ascott Residence Trust ratings

Fitch Ratings affirmed its BBB long-term issuer default and senior unsecured ratings on Singapore-based Ascott Residence Trust, with a stable outlook.

The affirmation factored in the real estate investment trust's planned merger with Ascendas Hospitality Trust, as well as its geographically diverse portfolio and varied sources of capital.

The rating action is also based on the rating agency's expectation that Ascott will use its cash prudently for earnings-accretive acquisitions in the next one to two years, while maintaining its loan-to-property value ratio at less than 40% and funds from operations net-adjusted leverage less than 8.5x over the medium term.