S&P assigns Vornado preferreds BB+

S&P said it assigned its BB+ issue-level rating to Vornado Realty Trust’s planned $150 million of noncallable five-year cumulative fixed-rate series N perpetual preferred stock.

“The preferred stock rating is two notches below the issuer credit rating to reflect subordination risk and the risk of partial or untimely payment. We view this issuance as slightly leveraging to the company given that we consider preferred equity akin to debt,” S&P said in a press release.

The company intends to use the proceeds for general business purposes.

The outlook is negative.

Moody’s rates Allstate notes A3

Moody’s Investors Service said it gave an A3 rating to $1.25 billion of senior notes to be issued by the Allstate Corp.

The company intends to use the proceeds with cash to fund the pending acquisition of National General Holdings Corp., which is expected to close in early 2021.

Moody’s rates Allstate A3 with a stable outlook.

DBRS assigns Brookfield Finance notes BBB

DBRS said it assigned a rating of BBB with a stable trend to Brookfield Finance I (UK) plc’s $200 million fixed-rate perpetual subordinated notes.

The notes are guaranteed, on a subordinated basis, by Brookfield Asset Management Inc., which DBRS rates A (low) with a stable trend.

S&P rates Citigroup Malurus notes BBB+

S&P said it assigned its BBB+ debt rating to the series 2020-1 senior secured notes of Malurus I LLC, an indirect subsidiary of Citigroup Inc. Citigroup, rated BBB+ by S&P, will guarantee notes.

The rating is based Citigroup’s guarantee because it requires Citigroup to fully and unconditionally make payment when due, S&P said.

“We rated this same issuance of notes earlier in 2020 and then discontinued the rating in June when the company did not issue the notes by that point. It has now decided to move forward with the issuance,” S&P said in a press release.

S&P rates CMS Energy notes BBB-

S&P said it gave its BBB- rating to CMS Energy Corp.’s fixed-to-fixed reset rate junior subordinated notes due in 2050.

“We classify these notes as hybrid securities with intermediate equity content (50%). We rate them two notches below our BBB+ long-term issuer credit rating on CMS Energy to reflect their subordination and the company’s ability to defer interest payments,” S&P said in a press release.

CMS intends to use the proceeds for general corporate purposes, fund working capital and repay debt.

Fitch rates CMS Energy notes BB+

Fitch Ratings said it assigned a BB+ rating to CMS Energy Corp.’s junior subordinated notes.

The notes will rank subordinate and junior in right of payment to all of CMS Energy’s senior indebtedness.

Proceeds will be used for retiring debt and general corporate purposes.

CMS Energy’s long-term issuer default rating is BBB with a stable outlook, Fitch said.

Fitch assigns RPT Realty BBB-

Fitch Ratings said it assigned first-time ratings to RPT Realty (RPT) and RPT Realty, LP, including a long-term issuer default rating of BBB-. Fitch assigned BBB- ratings to RPT Realty, LP’s senior unsecured revolving credit facility, senior unsecured term loans and senior unsecured notes, and BB ratings to RPT Realty’s preferred stock.

“The ratings reflect the company’s power center portfolio and underlying tenancy that has performed well through the pandemic to-date. RPT’s portfolio has performed better than the shopping center REIT peer average in terms of lost occupancy and has collected billed rent at a rate in line with peer average, despite greater exposure to secondary markets and moderately below-average portfolio demographics, including household incomes and population densities,” Fitch said in a press release.

The outlook is stable.

Fitch sees rating Trustmark notes BBB

Fitch Ratings said it expects to assign a BBB rating to Trustmark Corp.’s issuance of $125 million of subordinated debt due 2030.

Fitch said it rates the security a notch below Trustmark’s bbb+ viability rating for loss severity.

Trustmark intends to use the proceeds for general corporate purposes.

S&P gives Trustmark notes BBB-

S&P said it gave its BBB- rating to Trustmark Corp.’s $125 million of 3.625% fixed-to-floating rate subordinated debt due 2030.

“The subordinated debt is rated relative to the stand-alone credit profile (SACP) to reflect the possibility these notes could face nonpayment risk before more senior instruments. As such, we rate the company’s nondeferrable subordinated debt BBB- (one notch below the SACP for contractual subordination and another notch because of structural subordination),” S&P said in a press release.

The company intends to use the proceeds for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.