Summary: Digital Realty Trust Inc. Oct 11

Standard & Poors, October 2011

Abstract
Standard & Poor's Ratings Services' ratings on Digital Realty Trust Inc. and Digital Realty Trust L.P. (collectively, Digital) acknowledge the company's satisfactory business profile, given its good competitive position as a multimarket datacenter provider. We consider Digital's financial profile to be intermediate, based on moderate leverage, strong debt coverage measures, and management's willingness to issue equity to finance leverage-neutral growth to date. In our view, if tenant demand weakens in the near term, Digital's well-occupied portfolio of long-term leases subject to annual rent increases and a positive mark-to-market rent profile should cushion operating cash flow. However, we consider the high cost of fully equipped datacenter space which heightens the financial impact to a landlord from potential tenant and/or product obsolescence...

Companies mentioned in this report are: Digital Realty Trust Inc.,Digital Realty Trust 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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Digital Realty Trust Inc.,Digital Realty Trust L.P.

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