Mapletree Industrial Trust (MIT) has been assigned “AA-” credit ratings with stable outlook from Japan Credit Rating Agency (JCR) and Rating and Investment Information (R&I).
JCR has issued a “AA-” foreign currency long-term issuer rating, and “AA-” for local currency long-term issuer rating for MIT.
JCR’s rationale for its rating is that MIT’s sponsor Mapletree Investments has data centres as one its four core sectors. As MIT’s principal investment strategy is investing in data centres across various global markets, it stands to benefit from Mapletree Investment’s close collaboration and ongoing support in property acquisitions and management.
JCR notes that as at end Sept 2025, MIT’s portfolio represented a “reasonably diversified portfolio” with overall occupancy remaining above 90% as data centres in North America have shown a slight downward trend.
While MIT has been affected by post-pandemic market shifts and rising interest rates, it maintains sound leverage control and financial stability, it adds.
“MIT is expected to achieve sustainable growth and maintain stable investment performance by leveraging the sponsor’s extensive expertise and network in real estate investment and management,” JCR continues.
JCR cautions of extended vacancy risk following the exit of current tenants which requires careful consideration compared to other asset classes.
It says it will monitor the asset manager’s efforts, including through property replacement and CAPEX utilization, to see whether MIT responds to these rapidly changing market needs and whether it can maintain or enhance property value and performance over the medium to long term.
Likewise, R&I notes that its rating reflects that MIT is a quality, well-diversified portfolio generating stable income; had conservative leverage management and a solid funding base; and support from the sponsor with strong creditworthiness engaged in real estate investment and management on a global basis.
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“MIT has built up a quality, well-diversified portfolio consisting of industrial properties in Singapore generating highly stable income and data centers with good prospects for long-term demand growth. Its financial base is solid, reflecting conservative leverage management and a debt maturity profile well staggered over a long period. Backed by strong support from the sponsor, MIT has established a leading position in the Singapore REIT market,” notes R&I.
Units in MIT closed flat at $2.10 on Jan 16.
