Moody’s: ProLogis European to positive

Moody's Investors Service said it changed the outlook on the ratings of ProLogis European Properties Fund II (PEPF II) to positive from stable.

At the same time, the agency affirmed the fund's Baa1 senior unsecured long-term issuer rating, the provisional Baa1 rating to its €5 billion medium-term note program issued under ProLogis International Funding II SA and the Baa1 instrument ratings of its backed senior unsecured bonds issued under the program.

Moody's affirmed the ratings and changed the outlook following the announcement on Oct. that PEPF II acquired the €3.1 billion assets of ProLogis Targeted Europe Logistics Fund (PTELF), and renamed itself as ProLogis European Logistics Fund FCP-FIS (PELF). PELF acquired PTELF's assets and liabilities in exchange for equity to PTELF unitholders.

"PELF's acquisition of €3.1 billion of assets from ProLogis Targeted European Logistics Fund is credit positive because it will improve scale, diversification and access to debt and equity capital," Ramzi Kattan, Moody's vice president, senior analyst and lead analyst for PEPF II, said in a news release.

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