S&P upgrades ProLogis European

S&P said it raised its long-term corporate credit rating on ProLogis European Properties Fund II (PEPF II) to A- from BBB+.

The outlook is stable.

At the same time, the agency raised the issue rating on PEPF II's senior unsecured debt to A- from BBB+.

“The upgrade reflects our view that the announced transfer of ProLogis Targeted Europe Logistic Fund's (PTELF's) logistics assets to PEPF II's portfolio will improve our assessment of the combined entity's overall credit quality. The combined group will benefit from increased scale and scope, as well as a stronger balance sheet,” S&P said in a news release.

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