Standard & Poor's maintains Australian Unity fund rating
Ratings house Standard & Poor's Fund Services has left its four star rating for the Australian Unity Healthcare Property Trust in place, despite the fund entering into a capital raising.
The ratings house announced this week there would be no change with respect to Australian Unity Healthcare Property Trust (Class A, Wholesale and Retail units), following the launch of the discounted rights offer by the manager.
Australian Unity Funds Management Limited is seeking to raise a maximum of AU$50 million through a non-tradeable rights issue to existing investors, at a 7.5 per cent discount to the funds' unit (mid) price.
The offer will close on 20 December 2011. Proceeds will be applied to the expansion and refurbishment of three assets: Peninsula Private Hospital, The Valley Private Hospital and Beleura Private Hospital.
S&P noted there would be no dilution impact for investors who took up their full entitlement and that the dilution impact for investors who did not elect to take up their entitlement, or only partially take up their entitlement, would be minimal.
S&P said it would monitor the success (or otherwise) of the discounted rights offer until its next scheduled review of the funds in early December.
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