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Industry Report Card: Asia-Pacific REITs Return To Debt Capital Markets As Confidence In The Sector Builds May 11 Product Image

Industry Report Card: Asia-Pacific REITs Return To Debt Capital Markets As Confidence In The Sector Builds May 11

  • ID: 1771605
  • May 2011
  • Standard & Poors

FEATURED COMPANIES

  • CapitaCommercial Trust
  • Frasers Centrepoint Trust
  • Fukuoka REIT Corp.
  • Goodman Property Trust
  • Mirvac Group
  • ORIX JREIT Inc.
  • MORE

Abstract
The credit outlook is certainly looking up for Asia-Pacific's real estate investment trusts and real estate operating companies (collectively, REITs). After going on a drastic debt diet, undertaking sizable equity raisings, and reverting to "back to basics" strategies over the past few years, most of the region's REITs rated by Standard & Poor's Ratings Services emerged from the global financial and economic crises with stronger balance sheets and improved risk profiles. Now, with industry conditions and credit quality stabilizing, many REITs are actively tapping debt capital markets again. It's another sign that creditors' confidence in the sector is turning and that REITs are positioning themselves for acquisition or development opportunities in their areas of focus. Although real estate fundamentals are...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Hysan Development Co. Ltd.
- CFS Retail Property Trust Group
- Australian Prime Property Fund Retail
- Stockland
- Hongkong Land Holdings Ltd.
- Japan Real Estate Investment Corp.
- Nippon Building Fund Inc.
- QIC Shopping Centre Fund
- Japan Prime Realty Investment Corp.
- Westfield Corp.
- Nomura Real Estate Office Fund Inc.
- Commonwealth Property Office Fund
- ORIX JREIT Inc.
- Japan Retail Fund Investment Corp.
- DEXUS Property Group
- AMP Capital Wholesale Office Fund
- GPT Group
- Tokyu REIT Inc.
- Fukuoka REIT Corp.
- Cambridge Industrial Trust
- Mirvac Group
- The Link Real Estate Investment Trust
- AmanahRaya Real Estate Investment Trust
- Nippon Accommodations Fund Inc.
- Frontier Real Estate Investment Corp.
- Goodman Group
- Nomura Real Estate Residential Fund Inc.
- AMP Capital Shopping Centre Fund
- Frasers Centrepoint Trust
- Goodman Property Trust
- Starhill Global Real Estate Investment Trust
- Goodman Australia Industrial Fund
- Scentre Group
- Frasers Commercial Trust
- DEXUS Wholesale Property Fund
- CapitaCommercial Trust

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