S&P: AMB, ProLogis on watch

Standard & Poor's said it placed AMB Property Corp. and ProLogis on CreditWatch with negative implications.

The CreditWatch placements follow a recent joint announcement that the two industrial REITs were in discussions regarding a potential merger of equals, S&P said.

The generally weak global economic recovery has constrained demand for industrial space, contributing to weaker coverage measures for both REITs despite their recent efforts to reduce leverage, the agency said.

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