Moody's upgrades Greystar

Moody's Investors Service said it upgraded Greystar Real Estate Partners, LLC's corporate family rating and its senior secured notes to Ba3 from B1. The agency also boosted the probability of default rating to Ba3-PD from B1-PD and revised the outlook to positive from stable.

“The upgrade and the change in rating outlook were due to the strengthening of the firm's credit profile, driven by an increase in scale and profitability while reducing its leverage levels. The change in outlook is also due to the company's pipeline of existing and newly announced transactions with committed equity capital that are expected to further boost GREP's assets under management and its recurring earnings growth in the near to medium term,” Moody’s said in a press release.

The agency noted Greystar’s assets under management rose by about 28% year-over-year to $47.5 billion with global units under management also increasing by 5.9% to 755,000 units.

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