Simon Property Group L.P.'s $600 Million Senior Unsecured Notes Assigned 'A-' Rating May 09
Standard & Poors, May 2009
Abstract
NEW YORK (Standard & Poor's) May 12, 2009--Standard & Poor's Ratings Services today assigned its 'A-' senior unsecured debt rating to the $600 million 6.75% senior notes due 2014 issued by Simon Property Group L.P. (A-/Stable/--). The company will use proceeds from the senior note offering primarily to repay maturing debt. Simon has an estimated $2.5 billion of cash on-balance-sheet following the senior note offering and the company's May 2009 equity issuance ($1.15 billion, including exercise of the overallotment option), and its $3.5 billion unsecured line of credit is substantially available ($417 million was outstanding under non-U.S. tranches only as of March 31, 2009). The ratings on Simon acknowledge the company's large and well-diversified portfolio, which includes interests in many...
Companies mentioned in this report are: Simon Property Group, Inc,Chelsea Property Group Inc. ,CPG Partners L.P.,Simon Property Group, L.P.,SPG Properties Inc.,Retail Property Trust (The)
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Simon Property Group, Inc,Chelsea Property Group Inc. ,CPG Partners L.P.,Simon Property Group, L.P.,SPG Properties Inc.,Retail Property Trust (The)
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