CCT shares fall on refinancing jitters

[makapaaa]

<TABLE cellSpacing=0 cellPadding=0 width=452 border=0><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published November 25, 2008

</TD></TR><TR><TD vAlign=top width=452 colSpan=2>CCT shares fall on refinancing jitters
Market nervous over loans that are yet to be confirmed, analysts say

By UMA SHANKARI
<TABLE class=storyLinks cellSpacing=4 cellPadding=1 width=136 align=right border=0><TBODY><TR class=font10><TD align=right width=20> </TD><TD>Email this article</TD></TR><TR class=font10><TD align=right width=20> </TD><TD>Print article </TD></TR><TR class=font10><TD align=right width=20> </TD><TD>Feedback</TD></TR></TBODY></TABLE>SHARES of CapitaCommercial Trust (CCT) fell as much as 11.9 per cent yesterday after it said that it was pursuing its refinancing needs with several institutions.

<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD> </TD></TR><TR class=caption><TD></TD></TR></TBODY></TABLE>'As and when the refinancing is finalised, the necessary announcements will be made,' the real estate investment trust (Reit) said in a statement to the Singapore Exchange after the market closed last Friday. CCT was responding to a news report that said it had verbally mandated four banks to handle a $580 million three-year refinancing exercise.
CCT shares fell to as low as 70 cents yesterday before ending 6.5 cents down at a one-year low of 73 cents.
Analysts said that the shares took a beating because market was jittery that the loans had not been confirmed.
'It's just reaction to Friday's announcement,' said one analyst.
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</TD></TR><TR><TD bgColor=#fffff1><TABLE cellSpacing=0 cellPadding=0 width=124 align=center border=0><TBODY><TR><TD vAlign=top>Concerns remain over Singapore- listed Reits' access to credit, ability to refinance borrowings at competitive rates.
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</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>Concerns remain over many Singapore-listed Reits' access to credit and ability to refinance borrowings at competitive rates.
'The area of focus for S-Reits over the next 12-15 months would remain refinancing issues, with a third of the total $15.6 billion worth of indebtedness due to be rolled over during this period,' DBS Group Research analyst Janice Chua in a note yesterday.
On Friday, Frasers Commercial Trust (FCOT) said that it took a $70 million loan from parent company Fraser and Neave to repay a loan due the next day. FCOT is now in discussions to refinance the $70 million loan and all debt maturing next year.
In response, Standard & Poor's Ratings Services yesterday took the trust off 'CreditWatch' status and said that the outlook is stable.
'The stable outlook factors in Standard & Poor's expectation of FCOT putting in place committed refinancing arrangements for the $550 million debts by March 31, 2009,' S&P said. 'The rating may be placed on CreditWatch negative or lowered if this is not in place. A rating upgrade has become more challenging for FCOT, given that refinancing costs are expected to be higher and that access to equity has declined due to the volatile financial market.'
FCOT shares closed unchanged at 21 cents yesterday.
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[madmansg]

the question to ask is how much Town council have lost in capital commercial and capital mall and other toxic reits in SGX subprime exchange. How much have our CPF funds been forever depleted invested in such con game giant ponxi schemes like reits. How can such toxic instructment that drop by 80 percent be marketed to retired folks ?

 

[theblackhole]

we must than heaven for this recession and depression. no wall the toxic activities are coming out in the open - hopefully. more and more toxicity is being revealed, some cannot he hidden...and some openly toxic to the core. singaporeans are suffering people with so much toxicity around. but they are honest,simple and gullible folks.no worry, heaven will always protect the weak, the needy, the poor and the simple folks.

pay back time is just around the corner. you cannot continue to rob an honest and poor man.

 

[Leegimeremover]

we must than heaven for this recession and depression. no wall the toxic activities are coming out in the open - hopefully. more and more toxicity is being revealed, some cannot he hidden...and some openly toxic to the core. singaporeans are suffering people with so much toxicity around. but they are honest,simple and gullible folks.no worry, heaven will always protect the weak, the needy, the poor and the simple folks.

pay back time is just around the corner. you cannot continue to rob an honest and poor man.

Yes it will all unwind. Too many years of cheating will unwind. LKY really has nothing to say to defend himself. Listen to Teo Chee Hean talk cock about salary adjustment working to market mechanism. Ha

 

[newyorker88]

Yes it will all unwind. Too many years of cheating will unwind. LKY really has nothing to say to defend himself. Listen to Teo Chee Hean talk cock about salary adjustment working to market mechanism. Ha

I dare to bet you are wrong to say LKY has nothing to say to defend himself. This old man can talk things that does not make sense to defend his actions.