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S&P ups DuPont Fabros, notes
S&P said it raised its corporate credit rating on DuPont Fabros Technology Inc. (DFT) to BB from BB-.
The outlook is stable.
At the same time, the agency revised its issue level ratings on the company's unsecured notes to BB+ from BB. The recovery rating is 2, indicating expectations for substantial recovery in the event of default in the 70% to 90% range (rounded estimate: 85%).
"The rating action reflects our view that DFT's strengthened credit metrics will be sustainable over the next few years as a result of favorable supply and demand dynamics for data center space, the company's projects delivery schedule and funding requirements likely to be funded with equity proceeds under its recently set ATM program," S&P credit analyst Fernanda Hernandez said in a news release.
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