...NEW YORK (S&P Global Ratings) Nov. 27, 2017--S&P Global Ratings today said it assigned its '##-' debt rating to Starwood Property Trust Inc.'s proposed offering of $500 million of senior unsecured notes due March 2025. The debt rating is one notch below our '##' long-term issuer credit rating on Starwood Property Trust Inc. because the company's priority debt is greater than 30% of adjusted assets, although unencumbered assets comfortably cover the unsecured debt. The company intends to use all or substantially all of the net proceeds from this offering to repay a portion of the amount outstanding under existing repurchase agreements and to use any remaining net proceeds for other general corporate purposes. We view the related unencumbering of assets pledged to secured financing facilities favorably. Assuming a $500 million issuance with substantially all net proceeds used to reduce secured borrowings, we expect debt to adjusted equity will be about 2.0x, consistent with our expectation...
