Fitch gives AMB notes BBB+

Fitch Ratings said it has assigned a BBB+ rating to the new $250 million par value of 6.125% senior unsecured notes due Dec. 1, 2016 and $250 million par value of 6.625% senior unsecured notes due Dec. 1, 2019 issued by AMB Property, LP.

Net proceeds from the offering are expected to be used to retire existing debt, the agency said, adding that the outlook for the company's BBB+ issuer default rating is negative.

According to Fitch, the ratings are supported by the company's well-diversified, global portfolio of industrial assets operated by a strong management team, a solid liquidity position with meaningful financial flexibility, a strong leasing profile, and a sizable pool of unencumbered assets with strong coverage of unsecured debt.

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