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S&P puts American Campus Communities on watch
S&P said it placed all its ratings on American Campus Communities Inc., including the BBB issuer credit rating, on CreditWatch with negative implications.
American Campus Communities announced that Blackstone Core+ perpetual capital vehicles (Blackstone Real Estate Investment Trust Inc. and Blackstone Property Partners) will acquire its outstanding shares in an all-cash transaction valued at approximately $12.8 billion. The capital structure pro forma for the acquisition is unknown.
“The CreditWatch placement reflects that we could lower our ratings multiple notches upon close of the transaction, based on our view of the acquirors' aggressive financial policy,” S&P said in a news release.
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