Moody's changes FCT outlook to stable, affirms Baa2 rating on PGIM Asia Retail Fund deal

Singapore

MOODY'S Investors Service has affirmed Frasers Centrepoint Trust's (FCT) Baa2 issuer rating and changed the outlook on the rating to stable from negative.

The rating action comes after FCT proposed to acquire the balance 63.1 per cent stake in PGIM Real Estate Asia Retail Fund (ARF), raise up to S$1.39 billion through an equity offering, and divest Bedok Point for S$108 million to its sponsor Frasers Property.