MELBOURNE, Feb. 4 /PRNewswire/ -- Standard & Poor's has assigned its
preliminary triple-'A' rating to one of the largest commercial mortgage-backed
securities (CMBS) transactions rated in the Australian market, and the first
CMBS for 2002.
ING Office Fund, via its special-purpose financing conduit, ING Office
Finance Pty. Ltd., will raise A$408 million of triple-'A' rated debt. The
proposed issue is secured by 18 of the trust's 20 office buildings. The
largest properties, secured for the benefit of noteholders, include ING's
Sydney offices in Kent Street and 10-20 Bond Street and the Campus MLC in
North Sydney. The capital markets issue will be used to repay existing bank
debt and for working capital.
In assigning its preliminary credit rating, Standard & Poor's considered
the quality of the properties, the strong tenant profile, and the
cross-collateralization benefits afforded by 18 properties.
Ashley Reed, associate director, Structured Finance Ratings said: "The
ING Office transaction demonstrates the growing acceptance of CMBS and other
forms of capital markets funding for property. Although Australian CMBS has
only a two-year history, its growth has been exceptional. We anticipate
Australian CMBS issuance in 2002 will exceed A$2 billion.
"The cost-effectiveness and flexibility of CMBS debt makes it appealing
for property owners, including the listed and unlisted trusts that have
dominated CMBS issuance to date. Investors in commercial mortgage-backed
notes have also shown strong support for well structured transactions."
SOURCE Standard & Poor's
 back to top
Related links:
http://www.standardandpoors.com/ratings
CONTACT:
Ashley Reed, +61-3-9631-2061, or Philip
Grundy, +61-9-9631-2063, both of Standard & Poor's, Melbourne
|
