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S&P affirms QTS Realty Trust
S&P said it affirmed its corporate credit rating on QTS Realty Trust Inc. at BB-.
The outlook is stable.
At the same time, the agency affirmed the issue-level rating on the company's senior unsecured credit facility and senior notes at BB. The recovery rating remains 2, indicating an expectation for substantial (70%-90%; rounded estimate: 85%) recovery in the event of a default.
S&P said it completed its review on QTS Realty’s ratings, which were placed on under criteria observation on Feb. 26 following the agency’s revised criteria for rating global real estate companies.
“As part of the revised criteria for the real estate sector, we expanded the scope to include some data-center REITs that majority-own a portfolio of stabilized real estate and derive a substantial majority of their EBITDA from property rental income,” the agency said in a news release.
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