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Moody's affirms Mitsubishi Estate ratings

Moody's Japan K.K. affirmed Mitsubishi Estate Co. Ltd.'s A2 senior unsecured rating, with a stable outlook.

The rating agency said Sept. 6 that it also affirmed the Japanese real estate company's (P)A2 domestic senior unsecured shelf registration rating, Baa1 subordinate rating and P-1 short-term commercial paper rating.

Mitsubishi Estate's A2 ratings and outlook reflect its prime leasing assets that generate stable cash flow, as well as its leading position in the Japanese real estate industry, Moody's said.

The rating agency expects the company's earnings to remain stable over the next few years, based on solid demand in the company's core office buildings segment. It added that the company is exposed to risks in developing real estate, such as cyclicality in demand and interest rates on debt funding for development projects.