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Rating Action:

Moody's assigns Baa3 issuer rating to Ascott REIT, withdraws corporate family rating

13 Apr 2015

Singapore, April 13, 2015 -- Moody's Investors Service has assigned a Baa3 issuer rating to Ascott Residence Trust (Ascott REIT).

The rating outlook is stable.

At the same time, Moody's has withdrawn Ascott REIT's Baa3 corporate family rating.

RATINGS RATIONALE

While Moody's has not assigned Ascott REIT a senior unsecured rating, the rating actions imply an improvement of the trust's senior unsecured credit quality, which is now equivalent to its issuer rating. At Baa3, this incorporates a notch for legal subordination, due to the trust's high levels of secured debt.

The rating action reflects Ascott REIT's established market position, reinforced by the trust's enlarged portfolio of assets. The rating action also reflects the trust's stable and healthy financial profile, supported by a track record of prudent financial management.

"The value of Ascott REIT's asset portfolio has more than quadrupled since its inception, yet the trust has maintained geographic diversity; thereby reducing its reliance on any single economy, and partially mitigating the operational volatility inherent in the trust's short leases, given its hospitality assets," says Jacintha Poh, a Moody's Assistant Vice President and Analyst.

Since Ascott REIT's inception in March 2006, no single country has contributed more than 30% of the trust's total gross profit in any financial year.

Ascott REIT also enjoys some income stability and visibility from its properties that are either under master leases or management contracts with minimum guaranteed income. Moody's expects the trust to achieve EBITDA interest coverage of 1.5x-2.0x, based on the minimum income derived from properties under both arrangements.

"Despite Ascott REIT's acquisitive growth strategy, the trust has funded its acquisitions with a mix of debt and equity, allowing it to maintain healthy financial metrics that are well within its rating parameters," adds Poh, who is also the Lead Analyst for Ascott REIT.

As of 31 December 2014, Ascott REIT's adjusted debt/total deposited assets stood at 40.2%, its adjusted EBITDA interest coverage was at 4.4x, and adjusted secured debt/total deposited assets was at 23.1%.

In the financial year ending 31 December 2015 (FY2015), Moody's expects Ascott REIT's adjusted EBITDA to grow approximately 2%, driven by contributions from properties acquired in FY2014, and higher contributions from newly refurbished properties.

Moody's also expects that the trust will maintain a well staggered debt maturity profile, such that no more than 30% of its total debt will mature in any single year. In addition, Moody's believes Ascott REIT will refinance its debt ahead of maturity.

While Moody's expects that Ascott REIT will lower its adjusted secured debt/total deposited assets gradually, the ratio should exceed 15% in FY2015. Such a situation is reflected in the legal subordination of its rating.

The rating outlook is stable, reflecting Moody's expectation that Ascott REIT will continue to generate stable cash flows from its portfolio, maintain financial discipline in its pursuit of growth, and keep its credit profile within targeted parameters.

The rating could be upgraded if Ascott REIT: (1) improves its liquidity and financial flexibility by lowering its encumbered assets ratio and reliance on secured borrowings, such that adjusted secured debt/total deposited assets is less than 15%; and/or (2) improves its credit metrics, such that adjusted debt/total deposited assets stays below 35%, and EBITDA interest coverage exceeds 4x on a consistent basis.

On the other hand, the rating could be pressured downwards if: (1) the operating environment deteriorates, leading to higher vacancy levels and declines in operating cash flows; and/or (2) the trust's financial metrics weaken, with adjusted debt/total deposited assets exceeding 45% and EBITDA interest coverage falling below 3x on a consistent basis.

In addition, further acquisitions made without long-term committed funding in place, and a disruption in its access to funding could place the trust's rating under pressure.

The principal methodology used in this rating was Global Rating Methodology for REITs and Other Commercial Property Firms published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Ascott Residence Trust is a hospitality real estate investment trust focusing on serviced residences, listed in the Singapore Exchange since March 2006. It has an asset portfolio of 90 serviced residences across 37 cities in 13 countries, with an appraised value of SGD3.9 billion as of 31 December 2014. The trust is sponsored by The Ascott Limited (unrated), an indirectly wholly owned subsidiary of CapitaLand Limited (unrated), which in turn owns 46% of Ascott REIT.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Jacintha Poh
Asst Vice President - Analyst
Corporate Finance Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Philipp L. Lotter
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's assigns Baa3 issuer rating to Ascott REIT, withdraws corporate family rating
No Related Data.
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