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S&P applies BBB+ to Prologis notes
Standard & Poor's said it assigned its BBB+ issue-level rating (the same as the long-term corporate credit rating on the parent guarantor) to Prologis Inc.'s 98.8% owned subsidiary Prologis LP's $500 million proposed senior unsecured notes due 2025.
The company plans to use net proceeds to finance a repurchase of 4.5% notes due in 2017 and remaining proceeds to tender for 6.875% notes due 2020, 7.375% notes due 2019 and 6.625% notes due 2019.
Overall, the agency views the debt issuance as leverage neutral.
S&P said the ratings and stable outlook reflect the company's global size and scale, as well as significant geographic and tenant diversity, unmatched in the industrial subsector and among the highest-quality real estate portfolios in this sector.
Following the purchase of KTR Capital Partners' real estate assets and operating platform earlier this year, the agency believes management is committed to managing the balance sheet conservatively to regain the improvement in its balance sheet metrics attained over the past few years.
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