...March 25, 2025 NEW YORK (S&P Global Ratings) March 25, 2025--S&P Global Ratings today assigned its '##-' issue rating to Starwood Property Trust Inc.'s (##/Stable/--) offering of $400 million of senior unsecured sustainability bonds due 2030. The '##-' rating is in line with our ratings on the company's other senior unsecured bonds. The issuance will not affect our measure of Starwood's leverage (debt to adjusted total equity), which was about 3x as of Dec. 31, 2024. The company intends to use net proceeds from this offering to finance or refinance, in whole or in part, recently completed or future eligible green or social projects. We rate the unsecured bonds one notch below our '##' issuer credit rating on Starwood because of their structural subordination to the secured debt, which exceeds 30% of its adjusted assets. But we view favorably the use of unsecured debt because it demonstrates Starwood's access to the capital markets and helps unencumber assets. The company had $4.9 billion...
