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BULLETIN: Deutsche Office Trust's Asset Sale Plans Have No Ratings Impact Apr 03
Standard & Poors, April 2003
Abstract
MELBOURNE (Standard & Poor's) April 2, 2003--Standard & Poor's Ratings Services said today that Deutsche Office Trust's (DOT, BBB+/Stable/A-2) proposed sale of its 45 Clarence Street, Sydney office building (with a book value of A$175 million) will have no immediate impact on the trust's ratings or outlook. Proceeds from the asset sale will be used to fund the trust's large capital expenditure program in the next 12 months. The asset sale will have two key benefits for DOT's creditors. First, the sale proceeds will be used to fund a significant proportion of the trust's near-term capital expenditure commitments, and prevent a material spike in its gearing in the next 12 months. DOT has an A$195 million completion payment due on...
Companies mentioned in this report are: DEXUS Office Trust
Action: S&P Event
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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