S&P's downgrade of Sabana Reit withdrawn on trust's request

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.