Summary: Nippon Accommodations Fund Inc. Dec 11
- ID: 2028407
- December 2011
- Standard & Poors
The ratings on Nippon Accommodations Fund Inc. (NAF) reflect its strong business position in the Japanese REIT (J-REIT) market and the stable cash flow generated from its portfolio of high-quality rental properties, which have high occupancy rates. We expect NAF to maintain its good credit quality, backed by its improved business profile, particularly with regard to the diversity and profitability of its portfolio, its adequate liquidity on hand, and its high financial flexibility. These positive factors are tempered by NAF's still fairly high debt ratios, although these ratios have been improving slightly and the J-REIT's funding conditions have also improved. NAF has adopted a selective operation strategy, specializing in high-quality residential properties for lease, mainly located in the 23 wards...
Companies mentioned in this report are: Nippon Accommodations Fund Inc.
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