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S&P rates AMB notes BBB
Standard & Poor's said it assigned its BBB issue rating to AMB Property LP's $175 million of 4% senior unsecured notes due Jan. 15, 2018.
According to the agency, AMB Property LP is a subsidiary of AMB Property Corp. (BBB/negative).
The company has indicated that it intends to use net proceeds to reduce the $314 million outstanding balance under its $500 million unsecured revolving credit facility, the agency added.
This debt-for-debt financing will not affect leverage, and the agency said it does not expect it to meaningfully affect coverage measures.
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