Moody's assigns Ba1 rating to OUE C-Reit

Singapore

MOODY'S Investor Service has assigned a provisional Ba1 corporate family rating to OUE Commercial Real Estate Investment Trust (OUE C-Reit), noting that while it has a portfolio of high-quality and strategically located assets in Singapore and China, the Reit's weak financial profile and limited financial flexibility constrain its rating.

OUE C-Reit comprises an initial portfolio of OUE Bayfront in Singapore and Lippo Plaza in Shanghai. The OUE Bayfront property has total net lettable area (NLA) of about 37,381.8 square metres (sqm), and committed occupancy rate of 95.9 per cent for its office component and 100 per cent for its retail component. Lippo Plaza on the other hand has total NLA of 39,232.0 sqm. Committed occupancy for the office component as at Sept 30 was 86.5 per cent and 97.8 per cent for the retail component.