MUMBAI (Thomson Financial) - Fitch Ratings said it has affirmed Cathay No.2 REIT Fund's national long-term rating at 'A(twn)' and national short-term rating at 'F1(twn)' with a stable outlook to reflect the robustness of its cash flow generating capabilities.
As of end-September, Cathay No 2 had a base of high-quality tenants, the largest of which, Johnson & Johnson currently contributes about 13.4 pct to the gross rental income of the three office buildings located in Taipei city held by the publicly listed real-estate investment trust, the ratings agency said.
Other major tenants include Cathay Life Insurance, Schenker Taiwan, Abbott Laboratories, ezTravel, E Sun Bank and Saab Taiwan.
The properties are held on trust with Mega International Commercial Bank as the trustee and Cathay Real Estate Management, a fully-owned unit of Cathay Real Estate Development, acts as the property manager. tfn.newsdesk@thomson.com net/man COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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