While financial analysts and ratings agencies are actively involved in the growing Reit regime in Singapore, banks, so far, have been left behind. This is despite the fact that the Monetary Authority of Singapore (MAS) has recognised the growing need for Reits to gear up. Last year, MAS proposed to amend the existing guidelines governing Reits, among other things increasing its cap on borrowings from 35% to 60% of deposited property, provided it has a credit rating of at least A from a major rating agency.
June 30 2006