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Prospect News home > News index > List of issuers K > Headlines for Kilroy Realty Corp. > News item |
S&P rates Kilroy notes BBB-
Standard & Poor's said it assigned a BBB- rating to $325 million of 4.8% senior notes due 2018 issued by Kilroy Realty LP.
The outlook is stable.
The company plans to use proceeds to fund recent acquisitions. Kilroy has acquired five office projects comprising about 1.2 million square feet so far in 2011 for an aggregate purchase price of $413 million. Excess proceeds from the note offering will be used for general corporate purposes, including the repayment of borrowings under its $500 million revolving credit facility.
The ratings on Kilroy reflect the company's satisfactory business profile, characterized by a good-quality, well-located but geographically concentrated portfolio and the strong local presence of its management team, the agency said.
The stable outlook reflects the view that Kilroy's same-store portfolio cash flows have stabilized and will strengthen as occupancy continues to improve from year-end 2009 levels, the agency added.
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