LXP Industrial Trust announced Brookfield Asset Management Ltd. (BAM) and Canada Pension Plan (CPP) will acquire its outstanding shares in an all-cash transaction valued at approximately $5.2 billion, including net debt and preferred equity. The company?s capital structure, pro forma for the transaction, is unknown. S&P Global Ratings placed its ?BBB-? issuer credit rating on LXP on CreditWatch with negative implications. The CreditWatch placement reflects that we could lower our ratings on the company upon the close of the transaction, given our expectation for higher leverage under the new ownership. We anticipate LXP?s key credit metrics could deteriorate following the close of the acquisition. We do not yet have all the details regarding the company?s capital structure following the close
