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S&P ups DuPont Fabros notes BB
Standard & Poor's said it affirmed the BB- corporate credit ratings on DuPont Fabros Technology Inc. and its subsidiary DuPont Fabros Technology LP.
S&P also revised the recovery rating on the company's $550 million senior unsecured notes to 2 from 3 on improved recovery prospects following a recent term loan prepayment, portfolio growth and leasing improvement. The rating on the notes was upgraded to BB from BB-.
The stable outlook remains unchanged.
"Our ratings on DuPont Fabros reflect the company's fair business profile, characterized by a comparatively small and geographically concentrated portfolio of good-quality datacenters," S&P analyst Eugene Nusinzon said in a statement.
"The company's core portfolio exhibits moderate tenant concentration, though it remains well-leased to a renter base with generally good credit quality. We view DuPont Fabros' financial profile as aggressive, given its weak coverage measures and aggressive development appetite. However, we note that leverage is moderate and believe that liquidity is adequate to cover near-term capital needs."
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