S&P rates Liberty Property notes BBB

Standard & Poor's said it assigned its BBB rating to Liberty Property LP's proposed $250 million of senior unsecured notes due 2020.

According to the agency, Liberty plans to use proceeds from the new issue to repay a portion of the $268 million borrowings outstanding under its $500 million credit facility.

S&P said that Liberty recently incurred these borrowings due to its repayment of maturing debt obligations. As such, the new issue will not increase Liberty's financial leverage.

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