It notes agency had affirmed unsolicited 'BBB+' rating before withdrawing it
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CAPITALAND yesterday took issue with a Standard & Poor's (S&P) report that had downgraded the outlook for a credit rating on the property giant, saying that the agency had omitted to mention its recently announced fully underwritten $1.8 billion rights issue.
'The rights issue is a material development as it will strengthen the balance sheet of CapitaLand,' the company said in a filing with the stock exchange.
It also noted that S&P had affirmed the unsolicited 'BBB+' rating before withdrawing it.
On S&P's admission that without full interaction of the company in the rating process, it could not provide an informed credit opinion, CapitaLand said: 'In fact, there has been no interaction between S&P and CapitaLand in relation to the rating.
'CapitaLand wishes to clarify that the rating by S&P is unsolicited. CapitaLand did not engage S&P to conduct this rating and had no control or input in the rating process at all.
'Instead, S&P has based its rating on publicly available information.'
It added: 'While S&P has mentioned the slowdown in the residential and commercial property business in its news release, CapitaLand wishes to point out that this has been known widely and publicly for many months already.'
CapitaLand closed its filing by saying that 'it has no material information to announce at this point in time'.
'It is CapitaLand's policy to disclose material information publicly, in accordance with SGX-ST Listing Rules.
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