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Bulletin: AMB Property Ratings Unaffected By Announced Restructuring Costs Jan 09
Standard & Poors, Jan 2009
Abstract
NEW YORK (Standard & Poor's) Jan. 28, 2009--Standard & Poor's Ratings Services said today that its ratings and outlooks on San Francisco-based AMB Property Corp. and AMB Property L.P. (AMB; BBB/Negative/--) are unaffected by AMB's recent announcement that it expects to recognize roughly $204 million of noncash impairment charges for the fourth quarter and year-end 2008 after reviewing its land holdings and development assets. Additionally, the company provided an update on its expected restructuring costs, development gains, leasing, and capital markets activity for the fourth quarter of 2008. The company's 22% global headcount reduction follows AMB's previously announced dividend cut and curtailment of new development starts, and we view these actions as prudent in light of continued unfavorable capital markets,...
Companies mentioned in this report are: ProLogis Inc,ProLogis L.P.
Action: Bulletin
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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