S&P rates Wells notes BBB-

Standard & Poor's said it assigned a BBB- rating to the proposed $250 million seven-year senior unsecured notes to be issued by Wells Operating Partnership II LP and guaranteed by Wells Real Estate Investment Trust II Inc., the general partner of the operating partnership.

The proposed notes will rank pari passu with the REIT's existing and future senior unsecured indebtedness and will be governed by traditional REIT covenants, including a limitation on secured debt, S&P said.

The proceeds will be used to repay a portion of its outstanding debt, the agency said.

The ratings continue to reflect the REIT's satisfactory business profile, which is characterized by stable near-term cash flow prospects derived from a diversified and well-leased portfolio of office buildings, the agency said.

This offering is expected to improve the mix of unsecured and secured debt within Wells' capital structure, S&P added.

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