S&P lowers Maguire, upgrades revolver

Standard & Poor's said it lowered the corporate credit ratings of Maguire Properties Inc. and Maguire Properties LP to B+ from BB-, raised the bank loan rating on Maguire Properties LP's $130 million revolving credit facility to BB and raised the recovery rating on this facility to 1 from 4.

The outlook was revised to negative from stable.

The agency said the corporate credit downgrade reflects Maguire's more aggressively leveraged financial profile, weak common dividend coverage and expectations for more competitive conditions within the company's core southern California office markets.

The improved bank loan and recovery ratings denote S&P's expectation for a very high recovery of any future borrowings under the revolving credit facility following the earlier-than-expected refinancing of a $400 million pari passu term loan.

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