NEW YORK (S&P Global Ratings) June 29, 2021--S&P Global Ratings today assigned its 'B+' issue rating to Starwood Property Trust Inc.'s proposed offering of $400 million of senior unsecured sustainability bonds due 2026. The company will use the proceeds of the offering--which will have little impact on its leverage--to finance or refinance eligible green or social projects. Until full allocation to such projects, the proceeds will also help the company prepay the $700 million of senior notes due in December 2021 when they become eligible for redemption without premium in September. We rate the bonds a notch below Starwood's issuer credit rating of 'BB-' because of their structural subordination to the secured debt that makes up most of the company's
