May 30 - Standard & Poor's Ratings Services said today that following an error it had corrected the issue rating on the outstanding senior unsecured notes that FCT MTN Pte Ltd. issued under its Singapore dollar (S$) 500 million medium-term note (MTN) program. We should have raised the issue ratings to 'BBB+' from 'BBB' on July 8, 2011. The issue ratings are equalized with the rating on Frasers Centrepoint Trust (FCT; BBB+/Stable/--). FCT MTN Pte Ltd. is a wholly owned subsidiary of HSBC Institutional Trust Services (Singapore) Ltd. (HSBCIT), a trustee of FCT. HSBCIT unconditionally and irrevocably guarantees the MTN program in its capacity as trustee.
A corrected rating list follows.
FCT MTN Pte Ltd. Corrected rating
S$55 mil. 2.83% medium-term notes
series 002 due Feb. 12, 2013 BBB+
S$25 mil. 3.5% medium-term notes
series 003 due Feb. 12, 2015 BBB+
S$60 mil. 2.8% medium-term notes
series 004 due Jan. 24, 2014 BBB+