SINGAPORE (Sept 26): Fitch Ratings has assigned Ascott Residence Trust (ART) a long-term issuer default rating (IDR) of ‘BBB’ with a stable outlook.

A ‘BBB’ senior unsecured rating was also assigned to ART and its $1 billion multicurrency outstanding medium-term notes programme.

ART's 'BBB' long-term IDR is driven by its strong business risk profile, which is underpinned by its globally diversified portfolio of serviced residence properties.

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