S&P gives Boston Properties exchangeable A-

Standard & Poor's said it assigned its A- senior unsecured debt rating to the $650 million of 3.625% exchangeable senior notes due 2014 to be issued by Boston Properties LP, an operating subsidiary of Boston Properties Inc.

Concurrently, the agency said it affirmed the related A- corporate credit ratings and the ratings on $2.8 billion of securities.

The outlook is stable.

According to S&P, its ratings on Boston Properties and its operating subsidiary acknowledge the REIT's high-quality portfolio of office properties, which should support relatively stable cash flow even as commercial real estate fundamentals soften.

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