But the news was followed by an announcement from credit ratings agency Moody's saying it had downgraded Allco REIT from Ba1 to Ba2 as a result of the refinancing effort. Moody's would also continue to review the situation once the impact of the deal became clearer. Allco Singapore's chief executive, Nicholas McGrath, yesterday told BusinessDay that while he was always confident the refinancing would go ahead, he was nonetheless delighted it had been agreed on reasonable terms in the current state of global credit markets.