18 Mar '13, 4pm

Singapore REITs to Vary Funds on Interest Rates: Southeast Asia

Singapore REITs to Vary Funds on Interest Rates: Southeast Asia

Singapore’s property trusts , the second-best performers in Asia in the past year, may have to diversify funding sources as they aren’t prepared for an “interest rate shock,” according to Fitch Ratings . The city’s real estate investment trusts or REITs have been increasing short-term debt with record-low interest rates, according to Johann Kenny, director of corporates at Fitch. They face refinancing risks when borrowing costs rise, and may be pushed to sell assets or shares to boost their funding, he said. “Singapore REITs are not really well equipped to withstand an interest rate shock,” Kenny said in a phone interview from Sydney yesterday. “When a rating agency looks at a company, we look at the long-run average through the cycle of the interest rate environment and we don’t see the current low interest rates as a sustainable model from a macro-economic perspective.” ...

Full article: http://www.bloomberg.com/news/2013-03-18/singapore-reits-...

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