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Issuer Ranking: Asia-Pacific REITs And Real Estate Operating Companies, Strongest To Weakest May 11
Standard & Poors, May 2011
Abstract
Our recent review of the operating performance among Asia-Pacific real estate investment trusts (REITs) and real estate operating companies (collectively, REITs) shows that real estate industry conditions and credit quality are stabilizing. Many REITs are actively tapping the debt capital markets and REIT managers are positioning themselves for acquisition and development opportunities in their areas of focus. Our recent review yielded no rating changes, in line with our view that key Asian real estate markets ex-Japan have recovered and are firming. Within Japan, we believe that more time may be needed for a fully-fledged market recovery and that the pace of decline is showing signs of abating. We expect that the recent return to the debt capital markets by the...
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.
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