Moody’s rates Starwood Property notes Ba3

Moody’s Investors Service said it assigned a Ba3 rating to Starwood Property Trust, Inc.’s senior unsecured notes. The company’s Ba2 corporate family and Ba3 long-term senior unsecured ratings are unaffected.

“The Ba3 rating assigned to the proposed notes is based on Starwood’s ba2 stand-alone assessment, the priority and proportion of the notes in Starwood’s debt capital structure, and the strength of the notes’ asset coverage. Terms of the notes are consistent with those of Starwood’s existing senior unsecured notes,” Moody’s said in a press release.

Proceeds will be used to repay outstanding unsecured and secured debt. “Moody’s expects that the transaction will have a neutral effect on Starwood’s ratios of debt to tangible net worth and unencumbered assets to unsecured debt,” the agency said.

The outlook is negative.

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