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Moody's affirms Ascendas REIT issuer rating

Moody's affirmed its A3 issuer rating on Singapore-based Ascendas Real Estate Investment Trust, and revised the ratings outlook to positive from stable.

The rating agency noted the industrial REIT's established market position, its diversified portfolio of high-quality industrial assets across Singapore and Australia, and its track record of generating stable earnings.

Moody's also noted Ascendas' improved credit metrics, pointing toward its adjusted net debt-to-EBITDA ratio of 6.2x and adjusted debt-to-total deposited assets ratio of 36.5% as at March-end, compared to 7.7x and 40%, respectively, as at March 31, 2016.

The positive outlook reflects Moody's expectation that the company will maintain its credit profile and prudent financial policies while growing its portfolio over the next 12 to 18 months.