Fitch could cut Gramercy

Fitch Ratings said it placed the BBB ratings for Gramercy Property Trust and its operating partnerships GPT Operating Partnership LP and GPT Property Trust LP on rating watch negative following GPT's announced sale to affiliates of Blackstone Property Partners, LP in an all-cash transaction valued at about $7.6 billion.

The agency also placed the BBB ratings on the companies’ preferred stock, senior unsecured revolving credit facilities, senior unsecured term loans, senior unsecured notes and senior unsecured convertible notes on negative watch.

Fitch said the review was driven by uncertainties regarding the planned operating strategy of the company, particularly with respect to any changes in GPT's growth, financing and asset and portfolio management strategies, for which the details are currently undisclosed.

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