Fitch Affirms Ascott REIT At ‘BBB-‘; Outlook Stable

May 26, 2022 – Fitch Ratings has affirmed Ascott Real Estate Investment Trust’s Long-Term Issuer Default Rating at ‘BBB-‘. The Outlook is Stable.

The agency has also affirmed the ‘BBB-‘ ratings on the trust’s SGD520 million outstanding senior unsecured notes and SGD2 billion medium-term note programme, issued by Ascott REIT MTN Pte. Ltd. and guaranteed by DBS Trustee Limited in its capacity as Ascott REIT’s trustee.

The ratings and Outlook reflect the growing diversification of the trust’s property portfolio towards long-stay assets in the next few years.

This will reduce the trust’s exposure to the slow recovery in global travel, which is affecting its serviced residences and hotels, and improve cash flow visibility. 

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