Mapletree Industrial Trust (MIT) has been assigned "AA-" credit ratings with a stable outlook by both Japan Credit Rating Agency (JCR) and Rating and Investment Information (R&I).
JCR has issued a "AA-" foreign currency long-term issuer rating, along with a "AA-" rating for local currency long-term issuer for MIT.
The rationale behind JCR's rating is that MIT's sponsor, Mapletree Investments, identifies data centres as one of its four core business sectors. Given that MIT's primary investment strategy focuses on acquiring data centres across various global markets, it is well-positioned to benefit from Mapletree Investment's close collaboration and continuous support in property acquisitions and management.
JCR observes that as of the end of September 2025, MIT's portfolio constitutes a "reasonably diversified portfolio," with overall occupancy remaining above 90%, even as data centres in North America have experienced a slight downward trend.
Although MIT has been impacted by post-pandemic market shifts and increasing interest rates, it maintains robust leverage control and financial stability.
"MIT is anticipated 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 further states.
JCR warns of an extended vacancy risk following the departure of current tenants, a factor that requires more careful consideration compared to other asset classes.
It notes that it will monitor the asset manager's initiatives, including property replacement and capital expenditure utilization, to assess whether MIT can effectively respond to these rapidly changing market demands and sustain or enhance property value and performance over the medium to long term.
Similarly, R&I indicates that its rating reflects MIT's high-quality, well-diversified portfolio that generates stable income; its conservative leverage management and solid funding base; and the support from its sponsor, which has strong creditworthiness and is engaged in global real estate investment and management.
"MIT has established a high-quality, well-diversified portfolio comprising industrial properties in Singapore that yield highly stable income and data centers with strong prospects for long-term demand growth. Its financial foundation is solid, evidenced by conservative leverage management and a debt maturity profile that is well staggered over a long period. Bolstered by strong support from its sponsor, MIT has secured a leading position in the Singapore REIT market," R&I notes.
