ESR-REIT said on Oct, 29 2025 that Fitch Ratings has assigned the trust a first-time Long-Term Issuer Default Rating of ‘BBB’ with a Stable outlook.

Fitch also gave ‘BBB’ long-term ratings to ESR-REIT’s outstanding 125 million Singapore dollars unsecured unsubordinated notes due Aug, 2026 and 100 million Singapore dollars unsecured unsubordinated notes due Feb, 2030. The notes were issued by Perpetual (Asia) Limited under ESR-REIT’s 750 million Singapore dollars multicurrency debt issuance programme.

Fitch cited the trust’s 59% exposure to logistics assets across Singapore, Japan and Australia, expectations of around 95% logistics occupancy and positive rental reversions, and plans to divest 250–350 million Singapore dollars of non-core assets as key rating drivers. It forecasts EBITDA net leverage at about 8.6x in 2025, improving to roughly 8.0x if planned divestments are completed.

The rating agency flagged potential negative action if EBITDA net leverage exceeds 9.0x or if the loan-to-value ratio rises above 45% for a sustained period, and positive action if occupancy averages above 95% and leverage stays below 8.0x.

ESR-REIT Chief Executive Officer Adrian Chui said the rating “validates our resilient business model and disciplined capital management.” Oversea-Chinese Banking Corporation Limited acted as the sole credit-rating advisor for the transaction.

As of Jun, 30 2025, ESR-REIT managed a portfolio valued at about 5.9 billion Singapore dollars comprising 70 logistics, industrial and business park properties in Singapore, Australia and Japan.