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Moody' s reviews MCT for downgrade, MNACT for upgrade
Moody' s Investors Service has placed the Baa1 issuer rating of Mapletree Commercial Trust (MCT) on review for downgrade, ahead of its planned merger with Mapletree North Asia Commercial Trust (MNACT) in a S$4.2 billion deal.
Concurrently, Moody' s is reviewing MNACT' s Baa3 rating for an upgrade, the credit rating agency announced on Wednesday (Jan 5) after trading hours.
On Dec 31, MCT and MNACT proposed a merger that would give the combined entity a theoretical market cap of S$10.5 billion, making it the seventh-largest Reit in Asia. The transaction is expected to close by end-June.
" The review for downgrade reflects the potential weakening of MCT' s credit metrics and uncertainty around its financial policy following the merger with MNACT," said Moody' s analyst Tan Junling.
The deal could raise MCT' s leverage, considering MNACT' s weaker leverage profile and the incurrence of incremental debt and perpetual securities to fund the merger' s cash consideration, Moody' s noted.
On a pro forma basis, it expects MCT' s adjusted net debt to increase to around 9.4 to 9.9 times Ebitda (earnings before interest, taxes, depreciation, and amortisation), from 8.2 times for the year ending March 2022. This is weaker than the 8.5 times downgrade threshold for MCT' s Baa1 rating.
Conversely, MNACT' s review for upgrade reflects expectations that the trust could benefit from the deal. " However, the final impact on MNACT' s rating will depend on our assessment of the likelihood of extraordinary support that MCT will provide to MNACT in case of distress," Tan added.
If the merger goes ahead as planned, Moody' s review of MCT will focus on the business profile of the combined trust, the funding structure for the S$417.3 million cash consideration and the trust' s financial policy, including its liquidity profile.
MCT' s rating could be downgraded by up to 1 notch, if Moody' s assesses it to have a more aggressive long-term financial policy post-merger. But the agency will also take into account its increased scale and geographic diversification.
The review of MNACT will focus on the ability and willingness of MCT to provide support to MNACT, its business strategy, capital structure and transparency around operational and financial performance. An upgrade will further rest on MNACT' s stand-alone credit profile remaining intact.
Moody' s is also reviewing its (P)Baa1 senior unsecured ratings on the medium-term note programs of MCT and its unit Mapletree Commercial Trust Treasury Company (MCTTC), as well as the Baa1 ratings on senior unsecured notes drawn down from the program under MCTTC.
MNACT-related ratings under review include the provisional (P)Baa3 ratings on the senior unsecured euro medium-term note (EMTN) programme of MNACT the guaranteed senior unsecured EMTN programmes of 2 relevant entities, as well as the Baa3 guaranteed senior unsecured rating on the notes under Mapletree North Asia Commercial Treasury Company (HKSAR)' s EMTN programme.
The outlook on all MCT' s ratings has been changed from " stable" to " rating under review" , while that of MNACT has been changed from " negative" to " rating under review" .
Units of MCT closed at S$1.84 on Wednesday, up 1.1 per cent, while units of MNACT closed flat at S$1.09.
Ownership Structure
General Public 26.6%
Institutions 34.3%
Sovereign Walth Funds 36.7%
CMT investors pay premium price because of pure " Singapore Property" characteristic. (similar to pure Japan property Reit).
Price drop because investors need to relocate their funds to others counters as to manage their portfolio risk.
hongsanrobert ( Date: 06-Jan-2022 11:33) Posted:
| After MCT and MNACT merge news announced, MCT go down means it is over price as compare with MNACT. This action was Temasek tried to raise fund Internationally, the Tap from CPF and GIC got prostate problem. |
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After MCT and MNACT merge news announced, MCT go down means it is over price as compare with MNACT. This action was Temasek tried to raise fund Internationally, the Tap from CPF and GIC got prostate problem.
ya??!? well, thanks for confirming your dumb analogy...
gezz... 100 years.... 10cts..... $100... guy must be dumbfounded from my brutal retort to made such dumb analogy
lukewong82 ( Date: 05-Jan-2022 23:26) Posted:
ya cos ur reasoning was dumb..
Lobster ( Date: 05-Jan-2022 22:44) Posted:
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$1.88 coming soon.
ya cos ur reasoning was dumb..
Lobster ( Date: 05-Jan-2022 22:44) Posted:
What a dumb analogy...
lukewong82 ( Date: 05-Jan-2022 20:29) Posted:
| I can also say u buy now $1.81 sure win becos 100 years later sure go to $100 even if it drops to 10 cents will bounce back 100 years late |
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crepidarian a big word? Please la, secondary students use it freely in debates la.
of course you are too dumb to know it and use it correctly, because you only know yourself as a rookie.
And i called you an ultracrepidarian, and I am so right, because your response post describes exactly just that... now go and figure out exactly what I mean, and learn to use it correctly... if not, go and ask any PSLE student.JustOnce ( Date: 05-Jan-2022 18:13) Posted:
I am impressed that uncles nowadays have such big words.... crepidarian. ... wow I am sooo impressed. hmmmm if only if I know what it means and use it correctly...
Lobster ( Date: 05-Jan-2022 17:47) Posted:
So you are a rookie, your word not mine, insinuating that you need to teach, who ever you deem as the uncle a thing or two... well, you flattering yourself. My posts are, as many here know, are meant to be taken in a light hearted way. But if you are rookie, and the way you projected yourself as the hubristic one, then I shouldn' t even be engaging with you, because you are to me more of a crepidarian or an ultracrepidarian for that matter, to be more crudely accurate. If you want to self seek for a justified response to your nitpicking inquest, go read all my comments again, maybe reading them repetitively, not once by many times, you will understand better... please hor, all these you imply one, not me.
Goodbye... |
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What a dumb analogy...
lukewong82 ( Date: 05-Jan-2022 20:29) Posted:
I can also say u buy now $1.81 sure win becos 100 years later sure go to $100 even if it drops to 10 cents will bounce back 100 years later
Lobster ( Date: 05-Jan-2022 17:53) Posted:
If he got it at $1.81, yes, sure win. Even if it clashes down to $1.72 or $1.50.it will bounce back to where he will gain. Please don' t keep peddling the same old lines, of interest hikes, dow clashes, lockdown... WE ALL READ THE SAME NEWS LA... we are not living in cages, not knowing what' s going on.... if you keep thinking that way, you will never live a normal live. These holocaust predictions have been here since 2019....it may come, it will come, but you have to learn to live with it. Life goes on. Stock market will be back even after it clashes.....
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Renminbi forex Risk
US/CHN pair as at now
Swap long -50.7 pips
Swap short -105.3 pips
US/SGD pair as at now
Swap long -4.4 pips
Swap short -0.6 pips
Describing the situation as &ldquo very dire&rdquo , Chief Executive Carrie Lam on Wednesday (Jan 5) said that from Jan 7 to 20, all major events will be cancelled and there must be no unnecessary gatherings such as an upcoming local farm festival and a local cycling event.
Dining-in services will end at 6pm, with the number of patrons at a table halved to between two and six for the different tiers of eateries in the city.
More than a dozen types of venues such as karaoke outlets, bars, pubs, cinemas, game arcades, beauty parlours, gyms, museums, entertainment venues, nightclubs and sports centres will be suspended.
I can also say u buy now $1.81 sure win becos 100 years later sure go to $100 even if it drops to 10 cents will bounce back 100 years later
Lobster ( Date: 05-Jan-2022 17:53) Posted:
If he got it at $1.81, yes, sure win. Even if it clashes down to $1.72 or $1.50.it will bounce back to where he will gain. Please don' t keep peddling the same old lines, of interest hikes, dow clashes, lockdown... WE ALL READ THE SAME NEWS LA... we are not living in cages, not knowing what' s going on.... if you keep thinking that way, you will never live a normal live. These holocaust predictions have been here since 2019....it may come, it will come, but you have to learn to live with it. Life goes on. Stock market will be back even after it clashes.....
lukewong82 ( Date: 05-Jan-2022 15:11) Posted:
Sure gain??
DOW and STI are peaking right now? Interest rate hike starts in March... what if market crashes?
MCT went down to $1.50 in March 2020 and $1.72 in Oct 2020. When market crashes / turns into bear when interest rate starts hiking + this bad news of a merger, there is every possibility of testing $1.72 again ?? No??
Got such thing as sure gain one meh? I would believe when u buy low like in March 2020, then maybe 99% sure gain , but buying now when the market is at it' s peak ??> |
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JustOnce ( Date: 05-Jan-2022 18:13) Posted:
I am impressed that uncles nowadays have such big words.... crepidarian. ... wow I am sooo impressed. hmmmm if only if I know what it means and use it correctly...
Lobster ( Date: 05-Jan-2022 17:47) Posted:
So you are a rookie, your word not mine, insinuating that you need to teach, who ever you deem as the uncle a thing or two... well, you flattering yourself. My posts are, as many here know, are meant to be taken in a light hearted way. But if you are rookie, and the way you projected yourself as the hubristic one, then I shouldn' t even be engaging with you, because you are to me more of a crepidarian or an ultracrepidarian for that matter, to be more crudely accurate. If you want to self seek for a justified response to your nitpicking inquest, go read all my comments again, maybe reading them repetitively, not once by many times, you will understand better... please hor, all these you imply one, not me.
Goodbye... |
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Instead of parroting another uncle' s words, sharing an uncle" s video on the topic.
https://www.youtube.com/watch?v=WpTB3jSMvCE
lol
Starship ( Date: 05-Jan-2022 18:07) Posted:
Lobster ( Date: 05-Jan-2022 17:47) Posted:
So you are a rookie, your word not mine, insinuating that you need to teach, who ever you deem as the uncle a thing or two... well, you flattering yourself. My posts are, as many here know, are meant to be taken in a light hearted way. But if you are rookie, and the way you projected yourself as the hubristic one, then I shouldn' t even be engaging with you, because you are to me more of a crepidarian or an ultracrepidarian for that matter, to be more crudely accurate. If you want to self seek for a justified response to your nitpicking inquest, go read all my comments again, maybe reading them repetitively, not once by many times, you will understand better... please hor, all these you imply one, not me.
Goodbye... |
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I am impressed that uncles nowadays have such big words....
crepidarian. ... wow I am sooo impressed. hmmmm if only if I know what it means and use it correctly... Lobster ( Date: 05-Jan-2022 17:47) Posted:
So you are a rookie, your word not mine, insinuating that you need to teach, who ever you deem as the uncle a thing or two... well, you flattering yourself. My posts are, as many here know, are meant to be taken in a light hearted way. But if you are rookie, and the way you projected yourself as the hubristic one, then I shouldn' t even be engaging with you, because you are to me more of a crepidarian or an ultracrepidarian for that matter, to be more crudely accurate. If you want to self seek for a justified response to your nitpicking inquest, go read all my comments again, maybe reading them repetitively, not once by many times, you will understand better... please hor, all these you imply one, not me.
Goodbye...
JustOnce ( Date: 05-Jan-2022 15:48) Posted:
you see what I mean, uncle is uncle, need me to keep repeating. I wonder to myself, for someone that presumes to hear so many coffee shop talks, need a rookie to draw out every single detail. I sure hope when I grow older I don' t behave like one.
And can we take the cost (capital) and invest in something that is more accreditive and returns for the MCT investors, LIKE acquiring or merging with other more profitable REITs? LIKE acquiring building overseas that have more potential and better returns? LIKE how Suntec REITs started off as Singapore Retail Property but now owns Australia properties.
Adn to complete the spirit of repeating, " I do not want to pretend I know there is or there isn' t a better deal like some uncles tend to do. All I am saying is, as a unitholders, I would like to see the Management Company actually have at least accountability to show why this is better than something else. Instead of keep telling me this is it, this is the best deal, like some used car salesman." .
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Lobster ( Date: 05-Jan-2022 17:47) Posted:
So you are a rookie, your word not mine, insinuating that you need to teach, who ever you deem as the uncle a thing or two... well, you flattering yourself. My posts are, as many here know, are meant to be taken in a light hearted way. But if you are rookie, and the way you projected yourself as the hubristic one, then I shouldn' t even be engaging with you, because you are to me more of a crepidarian or an ultracrepidarian for that matter, to be more crudely accurate. If you want to self seek for a justified response to your nitpicking inquest, go read all my comments again, maybe reading them repetitively, not once by many times, you will understand better... please hor, all these you imply one, not me.
Goodbye...
JustOnce ( Date: 05-Jan-2022 15:48) Posted:
you see what I mean, uncle is uncle, need me to keep repeating. I wonder to myself, for someone that presumes to hear so many coffee shop talks, need a rookie to draw out every single detail. I sure hope when I grow older I don' t behave like one.
And can we take the cost (capital) and invest in something that is more accreditive and returns for the MCT investors, LIKE acquiring or merging with other more profitable REITs? LIKE acquiring building overseas that have more potential and better returns? LIKE how Suntec REITs started off as Singapore Retail Property but now owns Australia properties.
Adn to complete the spirit of repeating, " I do not want to pretend I know there is or there isn' t a better deal like some uncles tend to do. All I am saying is, as a unitholders, I would like to see the Management Company actually have at least accountability to show why this is better than something else. Instead of keep telling me this is it, this is the best deal, like some used car salesman." .
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JustOnce ( Date: 05-Jan-2022 15:48) Posted:
you see what I mean, uncle is uncle, need me to keep repeating. I wonder to myself, for someone that presumes to hear so many coffee shop talks, need a rookie to draw out every single detail. I sure hope when I grow older I don' t behave like one.
And can we take the cost (capital) and invest in something that is more accreditive and returns for the MCT investors, LIKE acquiring or merging with other more profitable REITs? LIKE acquiring building overseas that have more potential and better returns? LIKE how Suntec REITs started off as Singapore Retail Property but now owns Australia properties.
Adn to complete the spirit of repeating, " I do not want to pretend I know there is or there isn' t a better deal like some uncles tend to do. All I am saying is, as a unitholders, I would like to see the Management Company actually have at least accountability to show why this is better than something else. Instead of keep telling me this is it, this is the best deal, like some used car salesman." .
Lobster ( Date: 05-Jan-2022 13:45) Posted:
Wow, this is one very difficult uncle.... you keep saying, and I hear you loud and clear... " And can we take the cost (capital) and invest in something that is more accreditve and returns for the MCT investors? " ..
like what? This is a REITS wor, it breathes properties, dpus from these assets, and properties are its bloodlline. What more accretive business can it go into?
okay, coffee shop uncles asked me to try another angle. Let' s say you as very rich single saw a very pretty girl, and you like her. You woo her and propose to her. Of course you need to give her a very good reason for her and her family to accept you. You cannot just gain a wife and let her family loses a daughter. You got to make it a win win situation. Maybe you try this.. " uncle, I want to marry your daughter, I will take care of her and give her a good life.... I m going to buy you a nice house for taking care of her and bringing up such a wonderful daughter. I promise you, we will bear you plentiful grandchildren who will grow up to be equally successful as me and provide you with even a better and cheerful life...." Maybe you want to insert the words you prefer such as " capital" , " returns" " more accretive" , " accountability" where appropriate.... because I don' t know what you want or can give in return.... |
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Lobster ( Date: 05-Jan-2022 17:53) Posted:
If he got it at $1.81, yes, sure win. Even if it clashes down to $1.72 or $1.50.it will bounce back to where he will gain. Please don' t keep peddling the same old lines, of interest hikes, dow clashes, lockdown... WE ALL READ THE SAME NEWS LA... we are not living in cages, not knowing what' s going on.... if you keep thinking that way, you will never live a normal live. These holocaust predictions have been here since 2019....it may come, it will come, but you have to learn to live with it. Life goes on. Stock market will be back even after it clashes.....
lukewong82 ( Date: 05-Jan-2022 15:11) Posted:
Sure gain??
DOW and STI are peaking right now? Interest rate hike starts in March... what if market crashes?
MCT went down to $1.50 in March 2020 and $1.72 in Oct 2020. When market crashes / turns into bear when interest rate starts hiking + this bad news of a merger, there is every possibility of testing $1.72 again ?? No??
Got such thing as sure gain one meh? I would believe when u buy low like in March 2020, then maybe 99% sure gain , but buying now when the market is at it' s peak ??> |
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If he got it at $1.81, yes, sure win. Even if it clashes down to $1.72 or $1.50.it will bounce back to where he will gain. Please don' t keep peddling the same old lines, of interest hikes, dow clashes, lockdown... WE ALL READ THE SAME NEWS LA... we are not living in cages, not knowing what' s going on.... if you keep thinking that way, you will never live a normal live. These holocaust predictions have been here since 2019....it may come, it will come, but you have to learn to live with it. Life goes on. Stock market will be back even after it clashes.....
lukewong82 ( Date: 05-Jan-2022 15:11) Posted:
Sure gain??
DOW and STI are peaking right now? Interest rate hike starts in March... what if market crashes?
MCT went down to $1.50 in March 2020 and $1.72 in Oct 2020. When market crashes / turns into bear when interest rate starts hiking + this bad news of a merger, there is every possibility of testing $1.72 again ?? No??
Got such thing as sure gain one meh? I would believe when u buy low like in March 2020, then maybe 99% sure gain , but buying now when the market is at it' s peak ??>
Lobster ( Date: 05-Jan-2022 14:11) Posted:
Ok, my last post for the day.....
Btw, the stock has recovered magnificently to be hitting $1.85... it would have been much higher if the general REITS market sentiments is much better today. I understand after insiders explained to the uncles, they believe them better, and I think the insiders will have the black market support. But as I said, it' s a long long way to go before the dusts settle, and the coffee shops reckon the prices will settle at around $1.15 for MNACT and $1.95 for MCT, and ding dong from there until the engagement and marriage is near, and may rally from there.
One uncle told me, he has put $181,000 into MCT and expect to reap about $9,000 in dividends in 6 to 7 months, not forgetting a sure gain in price appreciation. Which bank FD gives you that? If he puts in DBS, he would get probably a couple of hundreds in 12 months! |
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So you are a rookie, your word not mine, insinuating that you need to teach, who ever you deem as the uncle a thing or two... well, you flattering yourself. My posts are, as many here know, are meant to be taken in a light hearted way. But if you are rookie, and the way you projected yourself as the hubristic one, then I shouldn' t even be engaging with you, because you are to me more of a c
repidarian or an ultracrepidarian for that matter, to be more crudely accurate. If you want to self seek for a justified response to your nitpicking inquest, go read all my comments again, maybe reading them repetitively, not once by many times, you will understand better... please hor, all these you imply one, not me.
Goodbye...JustOnce ( Date: 05-Jan-2022 15:48) Posted:
you see what I mean, uncle is uncle, need me to keep repeating. I wonder to myself, for someone that presumes to hear so many coffee shop talks, need a rookie to draw out every single detail. I sure hope when I grow older I don' t behave like one.
And can we take the cost (capital) and invest in something that is more accreditive and returns for the MCT investors, LIKE acquiring or merging with other more profitable REITs? LIKE acquiring building overseas that have more potential and better returns? LIKE how Suntec REITs started off as Singapore Retail Property but now owns Australia properties.
Adn to complete the spirit of repeating, " I do not want to pretend I know there is or there isn' t a better deal like some uncles tend to do. All I am saying is, as a unitholders, I would like to see the Management Company actually have at least accountability to show why this is better than something else. Instead of keep telling me this is it, this is the best deal, like some used car salesman." .
Lobster ( Date: 05-Jan-2022 13:45) Posted:
Wow, this is one very difficult uncle.... you keep saying, and I hear you loud and clear... " And can we take the cost (capital) and invest in something that is more accreditve and returns for the MCT investors? " ..
like what? This is a REITS wor, it breathes properties, dpus from these assets, and properties are its bloodlline. What more accretive business can it go into?
okay, coffee shop uncles asked me to try another angle. Let' s say you as very rich single saw a very pretty girl, and you like her. You woo her and propose to her. Of course you need to give her a very good reason for her and her family to accept you. You cannot just gain a wife and let her family loses a daughter. You got to make it a win win situation. Maybe you try this.. " uncle, I want to marry your daughter, I will take care of her and give her a good life.... I m going to buy you a nice house for taking care of her and bringing up such a wonderful daughter. I promise you, we will bear you plentiful grandchildren who will grow up to be equally successful as me and provide you with even a better and cheerful life...." Maybe you want to insert the words you prefer such as " capital" , " returns" " more accretive" , " accountability" where appropriate.... because I don' t know what you want or can give in return.... |
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