SINGAPORE (Oct 7): Moody’s Investors Service has assigned a ‘definitive’ Baa2 rating to the $300 million dollar fixed-rate bonds sold by Ascendas Real Estate Investment Trust.

Moody’s says the outlook on its rating on the subordinated perpetual securities is stable.

The bonds carry a coupon of 4.75% per annum and the proceeds will be used to partially fund the acquisition of a portfolio of logistics properties in Australia, according to a term sheet.

Ascendas REIT is down 1.3% at $2.37.