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Moody's affirms CapitaLand Commercial Trust's ratings

Moody's affirmed CapitaLand Commercial Trust's issuer rating at Baa2, with a stable outlook.

The rating agency said Sept. 5 that the affirmation reflects its expectation that the Singapore-based real estate investment trust's credit metrics will remain within the Baa2 rating's thresholds over the next 12 to 18 months, despite weakening due to an increase in debt to fund the development of ongoing projects and an offshore property purchase.

The stable outlook on CapitaLand Commercial's ratings reflects its strong market position, as well as Moody's expectation that the company will maintain its credit metrics within the thresholds of its ratings.