Starwood announced a $500 million issuance of senior unsecured notes due 2021 and a common stock offering. The unsecured debt issuance improves Starwood's funding profile, in our view, and the common stock offering offsets the increased leverage. We are assigning our 'BB-' senior unsecured debt rating to the notes and affirming our 'BB' issuer credit rating on Starwood with a stable outlook. The stable outlook reflects our expectation that Starwood will maintain strong capital adequacy and will further unencumber its balance sheet. On Dec. 5, 2016, S&P Global Ratings assigned its 'BB-' senior unsecured debt rating to Starwood Property Trust, Inc.'s announced issuance of $500 million of senior notes due 2021. At the same time, we are affirming our 'BB'
