S&P: Archstone unchanged

Standard & Poor's said it withdrew its BBB+ rating on the unsecured debt issued by Archstone-Smith Operating Trust, adding that its BB- issuer credit and secured credit ratings on Archstone are unchanged.

The agency said that the withdrawal of the debt rating follows Archstone's redemption of more than 90% of its $575 million 4% exchangeable notes.

Remaining noteholders have the option to put the notes back to the company through Nov. 30, S&P said, adding that before their redemption, the exchangeable notes represented Archstone's remaining unsecured public debt obligations following the company's recent go-private transaction.

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