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AMB Property Corp. And ProLogis Ratings Placed On CreditWatch Negative Following Merger Discussions Jan 11
Standard & Poors, Jan 2011
Abstract
OVERVIEW U.S. industrial REITs AMB Property Corp. and ProLogis jointly announced that they are in discussions regarding a potential merger. We placed our 'BBB' corporate credit ratings on AMB Property Corp. and its operating subsidiary, AMB Property L.P., on CreditWatch with negative implications. Approximately $1.8 billion of rated obligations were also affected. We placed our 'BBB-' corporate credit rating on ProLogis on CreditWatch with negative implications. Approximately $5.1 billion of rated obligations were also affected. We expect to resolve our CreditWatch listings after a definitive agreement is reached or when discussions are terminated. NEW YORK (Standard & Poor's) Jan. 28, 2011--Standard & Poor's Ratings Services today placed its ratings on AMB Property Corp. and ProLogis, two U.S. industrial REITs, on...
Companies mentioned in this report are: ProLogis Inc,ProLogis,ProLogis L.P.,PLD International Finance Inc.
Action: On CreditWatch: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.
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.
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