Moody's assigned Baa1 senior unsecured rating to Mapletree Pan Asia Commercial Trust's (SGX:N2IU) proposed SGD-denominated notes under its euro medium-term securities program, which holds a (P)Baa1 rating, according to a Friday filing on the Singapore Exchange.
The negative outlook reflects earnings pressure from MPACT's North Asia portfolio. Despite improved credit metrics following an asset divestment, leverage remains high, with net debt to EBITDA exceeding 9x and EBITDA interest cover around 3x.
MPACT, backed by sponsor Mapletree Investments, maintains liquidity with SG$143 million in cash as of Dec. 31, 2024. Proceeds will refinance existing debt.
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