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S&P rates Maguire Properties loans BB
Standard & Poor's said it assigned its BB corporate credit rating to Maguire Properties Inc. and Maguire Properties LP. The outlook is stable.
At the same time, S&P assigned its BB rating to a proposed $450 million term loan and $100 million revolving credit facility.
S&P said the ratings reflect an aggressive growth strategy, significant geographic concentration, high encumbrance levels and weak overall financial flexibility.
These negative factors are partially offset by a dominant and growing regional market share, solid asset quality, a strong and reasonably diverse tenant base and the deal-making capabilities of the management team, the ratings agency said.
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