S&P rates Developers Diversified notes BB

Standard & Poor's said it assigned its BB rating to Developers Diversified Realty Corp.'s new $300 million of 7.875% senior unsecured notes due September 2020.

At the same time, the agency said it assigned a 3 recovery rating to the new issue.

The company intends to use net proceeds from the offering to repay debt, S&P added.

Developers Diversified has aggressively leased space to improve core occupancy, and the company's exposure to development is receding, the agency said.

S&P noted that it believes the sector may be near a trough.

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