Rating Action: Moody's assigns A3 to CICT's euro medium-term note drawdownGlobal Credit Research - 18 Feb 2022Singapore, February 18, 2022 -- Moody's Investors Service has assigned an A3 senior unsecured rating to the HKD900 million notes issued by CMT MTN Pte. Ltd. under its existing euro-medium term note program, which is rated (P)A3. CMT MTN Pte. Ltd. is a wholly-owned subsidiary of CapitaLand Integrated Commercial Trust (CICT, A3 negative). The notes are guaranteed by HSBC Institutional Trust Services (Singapore) Limited in its capacity as a trustee of CICT.The notes have a fixed coupon of 2.95% and mature on 18 February 2031.The outlook on the rating is negative.CICT will use the proceeds from the notes to refinance its existing borrowings and those of its subsidiaries, as well as for general corporate and working capital purposes.RATINGS RATIONALECICT's A3 rating reflects the trust's leading position as the largest real estate investment trust (REIT) in Singapore (Aaa stable).