Moody's assigns Ba3 to Starwood notes

Moody's Investors Service said it assigned a Ba3 rating to Starwood Property Trust, Inc.'s new senior unsecured notes due 2024. Starwood's Ba2 corporate family and Ba3 long-term senior unsecured ratings are unaffected by the new transaction.

“The Ba3 rating Moody's has assigned to the senior unsecured notes reflects Starwood's ba2 stand-alone assessment, as well as the priority and proportion of the notes in Starwood's debt capital structure and the strength of the notes' asset coverage,” the agency said in a press release.

Starwood intends to use the proceeds to finance or refinance recently completed or future green and/or social projects, redeem $300 million of senior notes due this month and for other corporate purposes including repayment of secured debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.