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Moody's rates Corporate Office notes Baa3
Moody's Investors Service said it assigned a Baa3 rating to the proposed $350 million senior unsecured notes issued by Corporate Office Properties Trust, LP, the operating partnership of Corporate Office Properties Trust.
The senior notes will be guaranteed by the real estate investment trust. The proceeds will be used to repay certain outstanding borrowings and for general corporate purposes.
Moody's also said it affirmed Corporate Office Properties Trust, LP's existing Baa3 issuer rating with a stable outlook.
The stable outlook reflects an expectation that the company will continue to execute on its plan to reduce leverage and secured debt while improving fixed-charge coverage as it leases up vacancy in its portfolio, the agency said.
Moody's also said it expects the company to keep development risk at prudent levels.
The ratings consider the company's unique operating platform and strategically located office parks, the agency said.
Key credit challenges include its meaningful levels of secured debt, Moody's said, and modestly high leverage metrics.
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