Hotel Properties (SGX:H15) has secured a tax ruling from the Inland Revenue Authority of Singapore (IRAS) regarding its SG$150 million 4.38% subordinated perpetual securities, according to a Thursday Singapore bourse filing.

Under the IRAS ruling, the perpetual securities will be classified as "debt securities" for the purposes of the Income Tax Act 1947.

As a result of this classification, all distributions and deferred distributions due and payable on the securities will be regarded as interest payable on indebtedness.