Moody's upgrades outlook for real-estate investment trusts
Moody's Investors Service has revised its outlook for Australia's real-estate investment trusts (A-REITs) from negative to stable, as it flags a firming in fundamental credit conditions for the sector over the next 12 to 18 months.
"There are clear signs that the business conditions for the A-REIT sector are stabilizing, with Australia's economy outperforming expectations of earlier in the year, and avoiding a recession," Moody's vice president, Clement Chong said.
"Other reasons behind the improved business conditions include better prospects for unemployment, better consumer and business sentiment, and lower supply in key A-REITS segments," Mr Chong said.
Moody's did warn that demand is still fragile, and recovering from a low trough.
"Despite that, we do not expect vacancy rates to deteriorate materially, and we believe that asset values are nearing the end of their declines," Mr Chong said.
Moody's upgrades outlook for real-estate investment...
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