Moody’s lowers Dream Global

Moody’s Investors Service said it downgraded the senior unsecured rating for Dream Global Funding Sarl to B1 from Baa2. Blackstone completed the acquisition of Dream Global Real Estate Investment Trust on Tuesday. Moody’s withdrew the REIT’s Baa2 rating and assigned a B1 rating.

The outlook on both companies remains under review. “Moody’s expects the review to be resolved once Moody’s has sufficient visibility on the final structure, leverage, and quantity and quality of the remaining assets within Dream following the acquisition. In addition to monitoring the progress of the transaction, the review will focus on the impact of the changing shareholder structure on Dream’s operations, strategy, financial policy, and access to capital. The review could result in a potential rating downgrade of one or more notches, the agency said in a press release.

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