...March 13, 2024 NEW YORK (S&P Global Ratings) March 13, 2024--S&P Global Ratings today assigned its '##-' issue rating to Starwood Property Trust Inc.'s offering of $600 million of senior unsecured sustainability bonds due 2029. The company will use the proceeds to finance or refinance eligible green or social projects, with little impact on its leverage. As of year-end 2023, the company's leverage was 3.3x, as we calculate it, within our expected range of 3x-4x. Until full allocation to such projects, the company intends to use the proceeds to pay down a portion of its repurchase facilities. We also think the additional funds further position the company to meet unsecured debt maturities of $400 million in December 2024, and $500 million in March 2025. We rate the unsecured bonds a notch below Starwood's issuer credit rating of '##' because of their structural subordination to the secured debt that makes up most of the company's liabilities. But we view favorably the use of unsecured debt...
