S&P assigns Greystar ICR, notes B+

Standard & Poor's said it assigned its B+ issuer credit rating on Greystar Real Estate Partners LLC.

The outlook is stable.

The agency also assigned a B+ rating on the company's proposed $250 million senior secured notes with a recovery rating of 3, indicating an expectation for meaningful (50% to 70%) recovery for noteholders in the event of a payment default.

"Standard & Poor's issuer credit rating on Greystar reflects the high leverage that will result from the company's planned debt offering, its concentrated ownership, absence of a board of directors, significant contingent liabilities, and a lack of revenue diversity," S&P credit analyst Richard Zell said in a news release.

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