S&P rates Piedmont Office notes BBB

Standard & Poor's said it affirmed its BBB corporate credit rating on Piedmont Office Realty Trust Inc.

The outlook is stable.

At the same time, the agency assigned a BBB unsecured debt rating to the proposed offering of $350 million of senior unsecured notes due 2024.

The company plans to use proceeds from the notes to repay secured mortgage borrowings.

"Our ratings on Atlanta-based Piedmont Office Realty Trust Inc. and its operating partnership, Piedmont Operating Partnership LP, are based on our assessment of the company's 'satisfactory' business risk profile, characterized by a portfolio of institutional-quality, geographically diverse and relatively well-occupied office properties leased to tenants of generally good credit quality," S&P credit analyst Jaime Gitler said in a news release.

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