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Fitch sees rating Starwood loan BBB-
Fitch Ratings said it assigned an expected BBB- rating to Starwood Property Mortgage, LLC's sustainability term loan B due in 2027.
“The expected sustainability term loan B rating is one notch above SPM's long-term issuer default rating (IDR), reflecting Fitch's expectation for good recovery prospects given strong collateral coverage of the term loan. The facility will represent a senior secured obligation of SPM, ranking pari passu with the existing term loan B,” the agency said in a press release.
The proceeds are expected to be used to repay a portion of the firm's outstanding repurchase facilities.
The outlook is stable.
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