Moody's downgrades outlook on Frasers Commercial Trust to 'negative' with Baa2 rating

SINGAPORE (Sept 26): Moody’s Investor Service has downgraded its outlook on all of its ratings for Frasers Commercial Trust (FCOT) to “negative” from “stable”.

The ratings agency has affirmed FCOT Baa2 issuer rating, the Baa2-backed senior unsecured debt ratings of FCOT Treasury, as well as the (P)Baa2 rating of its backed senior medium-term note (MTN) program.

This follows the trust’s announcement last week that its Alexandra Technopark tenant, Hewlett Packard Enterprise Singapore (HPES), intended to vacate over 90% of the space it currently leases from FCOT upon expiration of the relevant leases on Sept 30 and Nov 30 this year.

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