Moody’s Withdraws Baa3 Ratings On ESR-REIT
June 19, 2020 — ESR Funds Management (S) Limited, as manager of ESR-REIT, announced that Moody’s Investors Service (“Moody’s”) has withdrawn ESR-REIT’s Baa3 issuer rating, (P)Baa3 senior unsecured rating on its S$750 million Multicurrency Debt Issuance Programme (the “Programme”) and the Baa3 ratings on the senior unsecured notes drawn down from the Programme and its stable outlook.
Moody’s has decided to withdraw the ratings for its own business reasons. This withdrawal was made post the redemptions of the S$30.0 million 4.10% Series 002 Notes on 29 April 2020 and the S$130.0 million 3.95% Series 004 Notes on 21 May 2020 respectively; both issued under the Programme.
As at 17 June 2020, the remaining outstanding S$50.0 million 3.95% Series 005 Notes issued under the Programme will mature in 2023. The S$50.0 million Series 005 Notes comprise 4.1% of ESR-REIT’s total debt (refer to Figure 1 below).
Read full statement here…
