Fitch: ProLogis loan BBB-

Fitch Ratings said it expects to withdraw the BBB- rating on the ¥10 billion 3.25% private placement senior unsecured term loan due 2020 with Prologis Japan Finance YK as borrower and assigned a BBB- rating to the same term loan with Prologis Tokyo Finance Investment LP as the new borrower.

Fitch also said it expects to withdraw the BBB- rating on the ¥36.5 billion senior unsecured revolving credit facility with Prologis Japan Finance YK as borrower.

Prologis, Inc. has an issuer default rating of BBB- and $582 million preferred stock rating of BB.

Its operating partnership Prologis, LP has an issuer default rating at BBB-, $1.8 billion global senior credit facility rated BBB-, $4.6 billion senior unsecured notes rated BBB-, $1.4 billion senior unsecured convertible notes rated BBB- and €487.5 million senior unsecured term loan rated BBB-.

The outlook is positive.

The company's credit strengths include a global franchise, a granular tenant roster, strong access to capital and a large unencumbered asset base, Fitch said.

Credit concerns include high leverage for the rating as a result of the company's large land holdings and sizable debt maturities through 2015, the agency said.

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