S&P's downgrade of Sabana Reit withdrawn on trust's request
Sabana cites CIS code amendment for Reits to adopt 45% single-tier leverage limit without credit rating requirement
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Singapore
S&P Global Ratings on Thursday downgraded its long-term corporate credit rating on Sabana Shari'ah Compliant Reit to "BB+" from "BBB-" with stable outlook, only to withdraw all ratings of Sabana Reit upon the Reit's request on the same day.
Explaining the rationale of the downgrade, Standard & Poor's (S&P) said that the Reit's balance sheet has weakened on prolonged difficult industry conditions.
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