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S&P: American Real Estate Partners unchanged
Standard & Poor's said its BB+ long-term counterparty credit rating on American Real Estate Partners LP (BB+/stable) would not be affected by that firm's offer to purchase Lear Corp. (B+/negative/B-2) for $2.75 billion.
As currently structured, the purchase should not overly strain American Real Estate Partners's liquidity or leverage, the agency said.
In the event the company has to increase its bid to complete the transaction, a more significant degradation of leverage or liquidity could have negative ratings implications, S&P noted.
Nevertheless, the agency said it expects American Real Estate Partners to maintain more than $500 million of cash following the transaction.
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