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Moody's gives Ba3 to Starwood notes
Moody's Ratings said it assigned a Ba3 rating to the new senior unsecured notes issued by Starwood Property Trust, Inc.
Starwood's Ba2 corporate family rating and Starwood Property Mortgage, LLC's Ba2 senior secured bank credit facility are unchanged by the new debt issuance. The Ba3 senior unsecured debt rating reflects the notes' senior unsecured position in the company's capital structure, the agency said.
Starwood intends to use the proceeds to pay down a portion of its secured repurchase facilities.
“Moody's expects the new unsecured notes will moderately reduce the proportion of the company's secured funding, which Moody's views as a positive development for the company's funding structure and liquidity profile,” the agency said in a press release.
The company's outlook is stable.
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