Moody’s affirms W.P. Carey

Moody's Investors Service said it affirmed W.P. Carey Inc.'s Baa2 senior unsecured and issuer ratings following the announcement that CPA:17 will merge with a subsidiary of W.P. Carey.

The outlook is stable.

Total leverage and coverage ratios will be largely unchanged under the proposed financing plan, the agency said.

The secured leverage and unencumbered asset ratios will, however, deteriorate moderately as mortgage debt has been the primary source of debt capital for CPA:17, Moody’s said.

The agency said it expects that W.P. Carey would replace maturing mortgage and other secured debt with unsecured issuances and its secured leverage and unencumbered asset ratios would recover over the medium term.

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