S&P rates AMB Property notes BBB

Standard & Poor's said it assigned a BBB senior unsecured debt rating to the $250 million 6 1/8% senior unsecured notes due 2016 and the $250 million 6 5/8% senior unsecured notes due 2019 issued by AMB Property LP, a subsidiary of AMB Property Corp. (BBB/negative).

Proceeds will be used to fund a tender offer for up to $250 million of its senior notes maturing in 2013 ($491.5 million outstanding) and 2011 ($75 million), giving the 2013 debt priority. AMB also plans to repay a $230 million secured term loan due in 2010 and may use the balance to reduce borrowings under its lines of credit and for general corporate purposes.

Corporate credit ratings reflect the company's moderate leverage profile and good liquidity, which position the company to weather the economic downturn, according to the agency.

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