Fitch affirms Mapletree Industrial Trust’s BBB+ rating

Recent acquisition of flatted factories from JTC Corporation beneficial to the company’s rating.

Mapletree Industrial Trust Management Ltd., as manager (the “Manager”) of Mapletree Industrial Trust (“MIT”), is announced Tuesday that Fitch Ratings (“Fitch”) has affirmed MIT‟s Issuer Default Rating at “BBB+‟ with a stable outlook.

Mr Tham Kuo Wei, CEO of the Manager, said, “We are pleased with the ”BBB+‟ affirmation by Fitch amidst the current economic uncertainty. MIT’s organic growth potential coupled with the increase in tenant base and diversity enhances its resilience in a volatile market. We will continue to prudently manage refinancing risk through staggered debt maturities and seek new funding channels.”

According to Fitch, the affirmation is a reflection of MIT‟s granular portfolio with stable operating performance and adequate debt service coverage levels. Fitch cited MIT’s recently completed acquisition of flatted factories from JTC Corporation in August 2011 as enhancing MIT‟s market share and providing economies of scale to MIT’s portfolio. Favourable economic conditions and positive rental revision in the Singapore industrial property sector further supports the stable outlook, according to an MIT report.

Fitch deemed MIT’s refinancing risk as moderate given strong liquidity in the market as well as MIT’s proven access to various funding channels. when it occurs.