S&P rates Agree LP notes BBB

S&P said it assigned its BBB issue-level rating to Agree LP’s proposed senior unsecured notes.

“Agree's second-quarter 2020 operating performance met expectations, with cash rent collections averaging 90% in April, May, and June (among the highest for retail-focused REITs) despite pressure from Covid-19-related lockdowns on its portfolio,” S&P said in a press release.

The company expects to use the proceeds to repay amounts outstanding under its revolving credit facility as well as to fund acquisitions, development and general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.