S&P assigns Tishman Speyer, loan BB-

Standard & Poor's said it assigned its BB- corporate credit rating to Tishman Speyer Real Estate D.C. Area Portfolio LP and a BB- rating to its pending $545 million secured credit facility.

The secured credit facility will be composed of a $370 million term loan due six years from closing and a $175 million revolving credit facility due five years from closing, S&P said.

The outlook is stable.

The agency said that the ratings acknowledge Tishman's high quality portfolio of office assets located in the robust Washington D.C. market and the strong sponsorship of Tishman Speyer Development Corp.

These strengths, however, are tempered by risks associated with the Tishman' s highly leveraged balance sheet, relatively weak coverage measures and a concentration of holdings in a single market, the agency noted.

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