S&P affirms ProLogis

Standard & Poor's said it affirmed its ratings on ProLogis, including the BBB- corporate credit rating and BBB- senior unsecured notes and convertible notes.

The ratings were removed from CreditWatch, where they were placed with negative implications on March 6, and the outlook is negative.

The agency said that in its view, the company is making progress on its balance sheet initiatives following the completion of recent sizeable asset sales and in consideration of several pending financing transactions.

However, the negative outlook continues to reflect S&P's concern with ProLogis' still significant debt refinancing and development funding needs and revolver usage in excess of 50% of current capacity, the agency said.

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