S&P affirms ProLogis

Standard & Poor's said it affirmed the BBB- corporate credit rating on ProLogis, as well as the BBB- and BB ratings on the company's senior notes and preferred stock, respectively.

The agency also said it removed the ratings from CreditWatch, where they were placed with negative implications in January.

The outlook is stable.

The ratings on AMB Property Corp. and its operating subsidiary, AMB Property LP, remain on CreditWatch negative following the recently announced planned merger with ProLogis.

The affirmations reflect the benefits of the proposed combination of the two companies' business and financial risk profiles, S&P said.

The agency said it expects to resolve the CreditWatch listings over the next several weeks as the merger transaction progresses and additional information is available, including legal structure and integration plans.

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