TRIS “AA” rating affirmed for CPN Retail bonds
TRIS Rating has affirmed the company rating of CPN Retail Growth Leasehold REIT (CPNREIT) and the ratings on CPNREIT’s senior unsecured debentures at “AA”.
The ratings reflect the trust’s high quality assets, its predictable cash flow from contract-based rental and service income, and its conservative financial policy.
The ratings also take into consideration the future growth opportunities of the trust, supported by assets from its sponsor, Central Pattana Plc (CPN), rated “AA” by Tris Rating. However, the ratings are partially constrained by tenant concentration in terms of leasable area and revenue contribution.
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