YTL Starhill Global REIT requests S&P to withdraw credit rating on RM9b property trust

KUALA LUMPUR (April 22): YTL Starhill Global REIT Management Ltd, the manager of Singapore-listed Starhill Global Real Estate Investment Trust (Starhill Global REIT), has requested S&P Global Ratings to withdraw its corporate credit rating on the REIT and notes issued under the property trust’s medium-term notes programmes.

"Following this withdrawal, Starhill Global REIT, its medium-term notes programmes and the notes drawn under the programmes continue to be rated by Fitch Ratings, and is currently rated 'BBB' with a stable outlook,” YTL Starhill Global REIT said in a statement to the Singapore bourse yesterday.

YTL Starhill Global REIT did not specify the reasons for its request for S&P to withdraw its corporate credit rating on Starhill Global REIT.

According to Starhill Global REIT’s website, the REIT is a Singapore-based entity investing primarily in real estate used for retail and office purposes, both in Singapore and overseas. Since its listing on the Mainboard of the Singapore Exchange Securities Trading Ltd on Sept 20, 2005, Starhill Global REIT has grown its initial portfolio from interests in two landmark properties on Orchard Road in Singapore to 10 properties in Singapore, Australia, Malaysia, China and Japan, valued at about S$3.06 billion (about RM9.41 billion) as at June 30, 2019, the property trust said.

"These comprise interests in Wisma Atria and Ngee Ann City on Orchard Road in Singapore; Myer Centre Adelaide, David Jones Building and Plaza Arcade in Adelaide and Perth, Australia; Starhill Gallery and Lot 10 Property in Kuala Lumpur, Malaysia; a retail property in Chengdu, China, and two properties in Tokyo, Japan. Starhill Global REIT remains focused on sourcing attractive property assets in Singapore and overseas, while driving organic growth from its existing portfolio through proactive leasing efforts and creative asset enhancements,” it said.

YTL Starhill Global REIT is a wholly-owned subsidiary of YTL Starhill Global REIT Management Holdings Pte Ltd, which is in turn an indirect subsidiary of Malaysia-listed YTL Corp Bhd.

At the Singapore bourse today, Starhill Global REIT units were unchanged at S$0.47 at 10:42am for a total market capitalisation of S$1.02 billion. The stock saw 676,100 units traded.

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