S&P rates HRPT notes BBB

Standard & Poor's said it assigned a BBB rating to the $250 million 6.65% senior unsecured notes due 2018 issued by HRPT Properties Trust (BBB/stable).

Proceeds will be used to repay borrowing under the company's $750 million unsecured line of credit.

According to the agency, the ratings reflect the company's solid financial position, steady operating strategy, relatively stable portfolio and greater geographic diversification resulting from recent acquisitions.

These strengths are tempered by some continuing softness in several of HRPT's core markets and high tenant improvement and leasing commission expenditures, which are still not fully covered by cash flow from operations, S&P said.

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