Fitch rates Starwood unit BB+, loan BBB-

Fitch Ratings said it assigned a long-term issuer default rating of BB+ to Starwood Property Mortgage, LLC, an indirect, debt-issuing subsidiary of Starwood Property Trust (BB+/stable).

The outlook is stable.

Concurrently, Fitch assigned a senior secured rating of BBB- to Starwood’s $642 million term loan B due 2026, which is expected to be upsized by $150 million following closing of the add-on that launched on Sept. 20.

“The add-on is not expected to affect Starwood's leverage as proceeds will be used to repay borrowings under repurchase facilities,” the agency said in a news release.

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