• SELECT SITE CURRENCY
Select a currency for use throughout the site
Research Update: ProLogis Ratings Affirmed; Outlook Remains Negative On Unsteady Global Economy And Weak Cash Flow Jul 10
Standard & Poors, July 2010
We believe occupancy rates within our rated industrial REIT portfolio is firming, but fundamentals will remain choppy and rents will lag a recovery. We affirmed our 'BBB-' corporate credit rating on ProLogis to reflect the company's large, global industrial platform and highly diversified portfolio. Our rating on ProLogis also reflects our view that the REIT's cash flow troughed in the first half of 2010 and our expectation that cash flow will improve in subsequent quarters. We maintain a negative outlook on the REIT to reflect the risk that currently unsteady global economies could face further pressure. Additionally, if ProLogis doesn't improve its cash flow and strengthen its debt coverage measures, we would lower the company's corporate credit rating. On July,...
Companies mentioned in this report are: ProLogis,PLD International Finance Inc.
Action: Outlook: Negative
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
ProLogis,PLD International Finance Inc.