(The following statement was released by the rating agency) SINGAPORE, December 01 (Fitch) Fitch Ratings says that it expects its ratings on Singapore Real Estate Investment Trusts (SREIT) to remain Stable in 2015. The agency expects hospitality REITs to face more downside risks than other sectors. Fitch's ratings span industrial, hospitality and healthcare SREITs. The agency has just published three reports on SREITs - one for each of the above sectors. Tourist arrivals into Singapore are likely to remain weak in 2015, due to softer economic growth in China and higher inflation in Indonesia - two key inbound markets. Tourist arrivals in Singapore contracted by 3% in January-August 2014 compared with the same period in 2013.

In addition, the supply of hotel rooms in Singapore is set to increase by 6% in 2015, according to industry data. However the ratings of CDL Hospitality Trust (BBB-/Stable) and Far East Hospitality Trust (BBB-/Stable) are likely to remain unchanged in 2015, cushioned by moderate leverage and strong financing flexibility. The sector outlook for 2015 on industrial SREITs is Stable, supported by Fitch's expectations of robust economic growth in Singapore and higher growth in the United States. The agency estimates that at least 30%-40% of the tenants of industrial SREITs cater directly to demand in the US. Key risks faced by this sector include a supply glut in warehouse and business park space in Singapore.

However Fitch expects Mapletree Industrial Trust's (BBB+/Stable) rating to remain unchanged, helped by its granular portfolio of 84 assets, which are diversified across industries and asset types, as well as its robust financial profile and strong financing flexibility. Fitch expects SREITs operating in the healthcare sector to continue to benefit from robust demand given the essential nature of their services, rising income levels, and rapidly ageing populations in key markets such as Japan and Singapore. These sector dynamics, combined with Parkway Life REIT's (BBB/Stable) long lease profiles, sufficiently hedged interest-rate risk and strong refinancing flexibility support the Stable Outlook on its rating. Each of these sectors are exposed to varying degrees of refinancing and interest rate risk in 2015, with the hospitality sector being the most exposed by virtue of having the highest portion of maturing debt during the year and the lowest proportion of fixed-rate debt.

The reports "2015 Outlook: Singapore Hospitality REITs - Weaker Operating Conditions may Eclipse Sound Financial Profiles", "2015 Outlook: Singapore Industrial REITs - Global Economic Recovery Supports a Stable Outlook, Amid Risks" and "2015 Outlook: Singapore Healthcare SREITs - Resilient Demand to Offset Subdued Economic Conditions in Key Markets" are available at www.fitchratings.com or by clicking the links below. Contact: Hasira De Silva, CFA Director +65 6796 7240 Fitch Ratings Singapore Pte Ltd 6 Temasek Boulevard 35-05 Suntec Tower Four Singapore 038986 Nandini Vijayaraghavan, CFA Director +65 6796 7216 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available on www.fitchratings.com Related Research: 2015 Outlook: Singapore Hospitality REITs - Weaker Operating Conditions may Eclipse Sound Financial Profiles; 2015 Outlook: Singapore Industrial REITs - Global Economic Recovery Supports a Stable Outlook, Amid Risks; 2015 Outlook: Singapore Healthcare SREITs - Resilient Demand to Offset Subdued Economic Conditions in Key Markets Applicable Criteria and Related Research: 2015 Outlook: Singapore Healthcare REITs here 2015 Outlook: Singapore Hospitality REITshere 2015 Outlook: Singapore Industrial REITs here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.