GLP: Withdrawal of Credit Rating Coverage by S&P

Singapore, 2 November 2023 – GLP Pte. Ltd. (“GLP” and with its subsidiaries the “Group”) confirms the withdrawal of credit rating coverage by Standard & Poor’s (“S&P”).
 
While GLP respects S&P’s independent views, GLP has taken this action due to the irreconcilable mismatch between S&P’s credit rating methodology and GLP’s revenue and business model which has evolved over the years. The current rating methodology used by S&P under the REIT regime remains incompatible with our monetization model. As a consequence, the recurring nature of gains generated from our capital recycling are not given recognition in their ratings methodology, which results in an incomplete assessment of GLP’s revenue profile and credit strength.