CBRE Pan European Core Fund's Proposed Benchmark Size Senior Unsecured Bond Issuance Rated 'BBB+'

PARIS (S&P Global Ratings) Jan. 20, 2021--S&P Global Ratings today said that it has assigned its 'BBB+' issue rating to CBRE Pan European Core Fund (BBB+/Stable/--)'s proposed seven-year €500 million senior unsecured note issuance. The rating is in line with the 'BBB+' long-term issuer credit rating on the company. We understand CBRE Pan European Core Fund will use proceeds to fund and/or refinance green projects. We do not view this senior unsecured issuance as significantly subordinated to the outstanding senior secured debt, given that the latter represented around 17% of the company's total assets as of Sept. 30, 2020, which is well below our 40% threshold for notching to derive the issue rating. Moreover, we expect these notes, along with

...January 20, 2021 PARIS (S&P Global Ratings) Jan. 20, 2021--S&P Global Ratings today said that it has assigned its '###+' issue rating to CBRE Pan European Core Fund (###+/Stable/--)'s proposed seven-year 500 million senior unsecured note issuance. The rating is in line with the '###+' long-term issuer credit rating on the company. We understand CBRE Pan European Core Fund will use proceeds to fund and/or refinance green projects. We do not view this senior unsecured issuance as significantly subordinated to the outstanding senior secured debt, given that the latter represented around 17% of the company's total assets as of Sept. 30, 2020, which is well below our 40% threshold for notching to derive the issue rating. Moreover, we expect these notes, along with a progressive amortization of secured financing, to reduce this ratio further....

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