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S&P affirms Starwood Property
S&P said it affirmed its BB issuer credit and senior secured debt ratings and BB- senior unsecured debt ratings on Starwood Property Trust Inc.
The outlook is stable.
The affirmation follows Starwood's announcement of a definitive agreement to acquire GE Capital's Energy Financial Services' Project Finance Debt business and loan portfolio for $2.56 billion, including $400 million of unfunded loan commitments, S&P said.
“We expect debt to adjusted total equity (ATE) to increase to about 2.30x pro forma for the acquisition and redemptions related to its 2019 convertible notes,” the agency said in a news release.
“Debt to ATE was 1.99x as of March 30, 2018, and we had expected leverage to be 1.75x-2.50x. We now expect leverage will be 2.25x-2.75x, which suggests that the cushion at the current rating level is somewhat reduced.”
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