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AG Trust's golf course holding company gets BBB+ rating from Japan agency

ACCORDIA Golf Trust Management, the trustee-manager of Accordia Golf Trust (AG Trust), announced on Tuesday that AG Trust's golf course holding company in Japan, Accordia Golf Asset Godo Kaisha, has obtained a "BBB+" rating from Japan Credit Rating Agency (JCR) on a total of 45 billion yen (S$504 million) of asset-backed loans.

JCR assigned the "BBB+" rating to the company's asset-backed loans in three tranches of 15 billion yen each, with final repayment periods of three, four and five years respectively.

Accordia Golf Asset Godo Kaisha holds an initial portfolio of 89 golf courses for the purpose of managing and operating the golf course business.