Moody's confirms ProLogis

Moody's Investors Service said it confirmed ProLogis' senior debt at Baa2, preferred stock at Baa3, senior shelf at provisional Baa2 and preferred shelf at provisional Baa3.

The outlook is developing.

The ratings reflects the company's generally favorable operating metrics for the third quarter of 2010, with occupancy up marginally, same store rental rates down 8.5% and positive net absorption in the top 31 North American industrial markets for the second consecutive quarter, Moody's said.

But the agency noted that the pace of improvement in industrial operating fundamentals has been more moderate than expected.

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