Ranking Motion: Moody’s assigns a (P)Baa1 ranking to CHC Finance Pty Restricted’s MTN programGlobal Credit score Analysis – 07 Apr 2021Sydney, April 07, 2021 — Moody’s Traders Service has assigned a (P)Baa1 ranking to the senior unsecured Medium Time period Notes Program of CHC Finance Pty Restricted, an entirely owned entity of Constitution Corridor Group (CHC Baa1 steady). The outlook is steady.”IMPORTANT NOTICE: MOODY’S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUCH USE WOULD BE RECKLESS AND INAPPROPRIATE. SEE FULL DISCLAIMERS BELOW.”The notes issued below this system might be unconditionally and irrevocably assured by Constitution Corridor Funds Administration Restricted because the accountable entity for Constitution Corridor Property Belief and Constitution Corridor Restricted.The proceeds of any issuances below this system might be used to refinance present debt and for normal company functions.RATINGS RATIONALECharter Corridor Group’s (CHC) credit score profile is supported by its (1) exceptionally sturdy credit score metrics on the headstock degree and strong credit score metrics on the look-through degree; (2) predictable property-related earnings, underpinned by CHC’s fairness stake in quite a few property funds; (3) diversification advantages, because of its publicity throughout a number of funds and sectors, particularly retail, workplace, industrial and social infrastructure; (4) sturdy demonstrated entry to each debt and fairness capital.On the identical time, the group’s credit score profile is constrained by its publicity to the fund administration enterprise which, in contrast with its property or lease accumulating earnings, can probably be risky.Constitution Corridor Group’s monetary metrics stay strong on the headstock degree, with no drawn web debt as of fiscal first-half (1H) ending 31 December 2020 (final 12 months [LTM]). Moreover, CHC’s estimated look-through monetary leverage was 2.9x with an curiosity protection of 8.4x.LIQUIDITYCHC has a superb liquidity profile with AUD267 million in money on the stability sheet and no near-term debt maturities. The group has a weighted-average look-through debt-maturity profile of 4.2 years throughout the platform, coupled with rate of interest hedging of 52% (as of 31 Dec 2020).ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONSCharter Corridor Group’s rankings consider environmental, social and governance components. Moody’s deems the group’s publicity as a property fund supervisor to environmental dangers as low.CHC is uncovered to social danger because it pertains to utilization and occupancy of the belongings through which it invests in and manages on behalf of its purchasers. By way of its funding in workplace actual property, social impacts to CHC contain the social pattern in the direction of extra versatile and distant working that might cut back the demand for workplace belongings. General, Moody’s deems CHC to have low social danger.By way of governance, CHC has a very good observe report and has demonstrated prudent monetary administration. CHC’s monetary metrics stay strong on the headstock degree, with no drawn web debt and robust curiosity cowl as of fiscal 1H21 LTM.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSThe ranking may very well be upgraded if Constitution Corridor Group 1) adopts a publicly articulated monetary coverage that’s in keeping with an A3 credit score profile, 2) demonstrates stability of earnings by way of the cycle, 3) maintains credit score metrics with web debt/ EBITDA under 1.5x at headstock and look by way of web debt/ EBITDA under 4x, on a constant foundation.Unfavourable ranking strain may come up if there’s a materials deterioration within the credit score profile of Constitution Corridor Group’s underlying funds. Metrics that we’ll think about for a downgrade embody web debt/EBITDA rising above 2x on a headstock foundation and 5.75x on a look-through foundation.The principal methodology utilized in these rankings was REITs and Different Industrial Actual Property Companies printed in September 2018 and out there at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1095505. Alternatively, please see the Ranking Methodologies web page on www.moodys.com for a replica of this system.Constitution Corridor Group is a property fund supervisor, managing a set of wholesale and retail unlisted property funds through which it holds investments.REGULATORY DISCLOSURESFor additional specification of Moody’s key ranking assumptions and sensitivity evaluation, see the sections Methodology Assumptions and Sensitivity to Assumptions within the disclosure type. Moody’s Ranking Symbols and Definitions could be discovered at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For rankings issued on a program, sequence, class/class of debt or safety this announcement supplies sure regulatory disclosures in relation to every ranking of a subsequently issued bond or observe of the identical sequence, class/class of debt, safety or pursuant to a program for which the rankings are derived solely from present rankings in accordance with Moody’s ranking practices. For rankings issued on a help supplier, this announcement supplies sure regulatory disclosures in relation to the credit standing motion on the help supplier and in relation to every explicit credit standing motion for securities that derive their credit score rankings from the help supplier’s credit standing. For provisional rankings, this announcement supplies sure regulatory disclosures in relation to the provisional ranking assigned, and in relation to a definitive ranking that could be assigned subsequent to the ultimate issuance of the debt, in every case the place the transaction construction and phrases haven’t modified previous to the project of the definitive ranking in a fashion that might have affected the ranking. For additional info please see the rankings tab on the issuer/entity web page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit score help from the first entity(ies) of this credit standing motion, and whose rankings could change because of this credit standing motion, the related regulatory disclosures might be these of the guarantor entity. Exceptions to this method exist for the next disclosures, if relevant to jurisdiction: Ancillary Providers, Disclosure to rated entity, Disclosure from rated entity.The rankings have been disclosed to the rated entity or its designated agent(s) and issued with no modification ensuing from that disclosure.These rankings are solicited. Please check with Moody’s Coverage for Designating and Assigning Unsolicited Credit score Scores out there on its web site www.moodys.com.Regulatory disclosures contained on this press launch apply to the credit standing and, if relevant, the associated ranking outlook or ranking assessment.Moody’s normal rules for assessing environmental, social and governance (ESG) dangers in our credit score evaluation could be discovered at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.At the very least one ESG consideration was materials to the credit standing motion(s) introduced and described above.The International Scale Credit score Ranking on this Credit score Ranking Announcement was issued by one in every of Moody’s associates outdoors the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Fundamental 60322, Germany, in accordance with Artwork.Four paragraph Three of the Regulation (EC) No 1060/2009 on Credit score Ranking Businesses. Additional info on the EU endorsement standing and on the Moody’s workplace that issued the credit standing is obtainable on www.moodys.com.The International Scale Credit score Ranking on this Credit score Ranking Announcement was issued by one in every of Moody’s associates outdoors the UK and is endorsed by Moody’s Traders Service Restricted, One Canada Sq., Canary Wharf, London E14 5FA below the legislation relevant to credit standing businesses within the UK. Additional info on the UK endorsement standing and on the Moody’s workplace that issued the credit standing is obtainable on www.moodys.com.Please see www.moodys.com for any updates on modifications to the lead ranking analyst and to the Moody’s authorized entity that has issued the ranking.Please see the rankings tab on the issuer/entity web page on www.moodys.com for extra regulatory disclosures for every credit standing. Saranga Ranasinghe Vice President – Senior Analyst Company Finance Group Moody’s Traders Service Pty. 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