NEW YORK (Standard&Poor's) Dec. 19, 2014--As previously announced, on Dec. 12, 2014, Standard&Poor's Ratings Services lowered its rating on Starwood Property Trust Inc.'s senior secured debt to 'BB' from 'BB+' as part of the implementation of its revised issue-level criteria for nonbank financial institutions (see "Standard&Poor's Applies Its Revised Nonbank Financial Institutions Methodology To 27 U.S. Finance Companies"). We previously rated the company's secured debt a notch above the 'BB' issuer credit rating. However, the revised criteria no longer allows for such notching. The change in the rating did not result from any change in the creditworthiness of the debt. RELATED CRITERIA AND RESEARCH Related Criteria Nonbank Financial Institutions Rating Methodology, Dec. 9, 2014
