Moody’s gives Starwood notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to Starwood Property Trust, Inc.'s $300 million senior notes.

The company's corporate family and senior secured term loan ratings remain at Ba2 and Ba1, respectively, and the outlook is stable.

The agency said the rating assigned to the proposed notes is based on Starwood's Ba2 corporate family credit profile, the notes' priority and proportion 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 news release.

“Starwood expects to use proceeds of the notes to repay outstanding amounts under repurchase agreements and for other corporate purposes.”

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