Moody’s puts Dream Global on review

Moody’s Investors Service said it placed under review for downgrade the Baa2 issuer rating of Dream Global Real Estate Investment Trust.

Moody’s also placed under review for downgrade the Baa2 senior unsecured ratings of the €375 million notes due in 2021 and the €300 million notes due in 2026 issued by Dream Global Funding I Sarl.

The ratings review comes after the company’s board approved a cash offer to acquire the company by affiliates of funds managed by Blackstone.

Moody’s said it sees potential governance risks if the company transitions from being a publicly traded company to a private equity controlled company.

The outlook has been changed to rating under review from stable.

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