Moody’s affirms Chambers Street

Moody's Investors Service said it affirmed the Baa3 issuer rating of Chambers Street Properties following the REIT's merger with Gramercy Property Trust, the parent of GPT Property Trust LP.

Chambers Street Properties is the surviving entity and the REIT will be renamed Gramercy Property Trust.

In the same action, the agency affirmed the Baa3 issuer rating of GPT Property Trust LP and assigned a Baa3 rating to the $150 million senior unsecured private placement note issuance by Gramercy Property Trust's subsidiaries, CSP Operating Partnership, LP and GPT Property Trust LP.

The outlook is stable.

Moody’s said the Baa3 rating reflects the combined entity's well-occupied net lease portfolio, moderate leverage and sound fixed-charge coverage ratio. A modest unencumbered asset base, the REIT's limited track record and meaningful ongoing portfolio repositioning are other important credit considerations.

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