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Moody's: ProLogis view negative
Moody's Investors Service said it affirmed the Baa1 senior unsecured debt rating of ProLogis and revised the outlook to negative from stable.
The outlook change reflects slower leasing in a weaker economic environment and reduced valuations on contributed assets owing to tight credit markets, the agency said.
Resulting increased volatility in ProLogis' earnings is also a concern particularly in an increasingly weak economic environment and constrained capital markets, the agency noted.
Ratings reflect ProLogis' established franchise in the industrial property sector, leadership in developing a successful fund management business and ability to export its development and management skills, the agency said.
ProLogis' size and scale in markets with high barriers to entry produce a strong franchise, the agency added.
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