S&P rates Corporate Office Properties notes BBB-

Standard & Poor's said it assigned a BBB- rating to Corporate Office Properties LP's $350 million 3.6% debut senior unsecured notes due 2023.

The notes are fully and unconditionally guaranteed by parent company, Corporate Office Properties Trust.

The proceeds will be used to repay borrowings under the revolving credit facility and for general corporate purposes, including potential repayment of certain of its unsecured term loans, S&P said.

The indenture governing the notes requires the company to comply with financial covenants, including a limitation on total debt of less than 60% of total assets and secured debt of less than 40% of total assets, the agency said.

Corporate Office Properties LP's BBB- corporate credit rating remains unchanged.

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