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AMB Property Corp. & Unit's Ratings Affirmed Mar 99
Standard & Poors, March 1999
Abstract
NEW YORK (Standard & Poor's CreditWire) March 10, 1999--Standard & Poor's today affirmed its ratings on AMB Property Corp. and AMB Property L.P. (see list below). The outlook remains stable. The rating action follows the company's recent announcement that it intends to sell about $950 million in retail assets to a joint venture comprised by another REIT, unrated Burnham Pacific Properties, and a large pension fund (California Public Employees' Retirement System). Management expects to largely re-deploy (70%) the all cash proceeds from these dispositions into industrial property acquisitions, with the remainder (30%) primarily applied toward reducing existing secured debt. The dispositions are expected to be completed in phases throughout the coming year. Although the sale represents close to one-quarter of...
Companies mentioned in this report are: ProLogis Inc,ProLogis L.P.
Action: Affirmed
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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