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I AGREE
18 Jan 2011
Hong Kong, January 18, 2011 -- Moody's Investors Service says that the release of Hougang Plaza from
the security of Silver Maple Investment Corporation Ltd. will not,
in and of itself and as of this time, result in a reduction or withdrawal
of the rating assigned to the Series 25 and 30 notes issued by Silver
Maple.
The notes in question are the Aa1 (sf) -rated US$255,500,000
Series 025 Floating Rate Notes, and the Aa1(sf) -rated 175,000,000
Series 030 Floating Rate Notes, all due April 2014.
Silver Maple had eight shopping malls in its portfolio prior to the release
of Hougang Plaza. As of the valuation date on June 30, 2010,
Hougang Plaza comprised 1% of the portfolio's appraiser value.
As of September 30, 2010, it contributed approximately 1%
of the portfolio's retail income.
In terms of debt service coverage ratio ("DSCR"), the
impact of releasing Hougang Plaza is minimal. For the month of
September 2010, Silver Maple's reported DSCR was 6.73x.
If Hougang Plaza were to be released from September's report,
the DSCR would become 6.64x (pro-forma).
The appraiser's loan-to-value ratio ("LTV")
was 22.8% before the release, 23% afterward.
After the release, a S$500,000 banker's guarantee
will be in place in favour of Silver Maple.
Silver Maple has asked that Moody's provides its opinion as to whether
the ratings on the Series 25 and 30 notes would be downgraded or withdrawn
solely as a result of the release of Hougang Plaza from the security of
Silver Maple.
As stated above, Moody's has determined that the property release,
in and of itself and at this time, will not result in a downgrade
to or withdrawal of the debt rating assigned to the Series 25 and 30 notes.
However, Moody's opinion addresses only the credit impact associated
with the proposed release. Moody's is not expressing any opinion
as to whether these actions have, or could have, other,
non-credit related effects that may have a detrimental impact on
the interests of the noteholders or counterparties.
The principal methodologies used in rating and monitoring the transaction
were Moody's Rating Approach to Rating Large Loan/Single Borrower Transactions,
published in July 2000, and Moody's Approach to Evaluating Singapore
CMBS Liquidity Arrangement, published in March 2010.
Hong Kong
Marie Lam
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service Hong Kong Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
Tokyo
Koji Kumamaru
MD - Structured Finance
Structured Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
Moody's: No rating impact on Silver Maple's CMBS notes from asset release
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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