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AMB Property Corp. Oct 10
Standard & Poors, Oct 2010
Abstract
Diverse portfolio of industrial properties located in key distribution markets with manageable lease rollover; A better-positioned balance sheet compared with industrial REIT peers, following recent deleveraging moves; and An adequate liquidity position supported by reduced development spending and flexibility derived from a large pool of unencumbered assets. Industrial fundamentals remain lackluster due to the tepid economic recovery; Key cash flow derived credit metrics remain low for the rating, and AMB has somewhat higher exposure to variable interest rates; and Cash flow could continue to face pressure due to the roll-down of above-market leases upon expiration and higher leasing costs. We consider AMB Property Corp.?s business risk profile to be satisfactory. Our view reflects the company's diversified and well-located portfolio of...
Companies mentioned in this report are: ProLogis Inc,ProLogis L.P.
Action: Review
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: Full Analysis
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