This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Mapletree Downgraded to Baa2 by Moody’s
May 8, 2025
Mapletree Pan Asia Commercial Trust (MPACT) was downgraded by a notch to Baa2 from Baa1 by Moody’s. The rating agency also downgraded senior unsecured bond ratings of MPACT Treasury Company Pte. Ltd., Mapletree North Asia Commercial Trust Treasury Co, and Mapletree N. Asia Commercial Treasury Co (HKSAR) to Baa2 from Baa1. The downgrade reflects Mapletree’s deteriorating credit quality which could further weaken over the next 12 months, according to Moody’s. Mapletree is expected to face continued rental pressures and weak occupancies across its North Asia properties over the next 12-18 months due to soft leasing demand, weak business sentiment, and increased market competition. As a result its net property income has declined for three straight years. The company’s leverage is expected to remain high (~10x net debt-to-EBITDA) and interest coverage to stay below 3x, reflecting weakened credit metrics. The trust has limited flexibility to absorb further earnings deterioration or pursue significant asset sales due to market conditions, Moody’s added.
Its bonds traded stable with its SGD 3.7% Perp at 98.4, yielding 3.76%
For more details, click here
Go back to Latest bond Market News
Related Posts:
Sinopec Returns to the Dollar Bond Market for a Second Time in 2017
September 13, 2017
S&P Upgrades Yanlord by One Notch to ‘BB’
March 16, 2018
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.