Starwood Property Trust Inc.'s Senior Unsecured Notes Rated 'BB-'

NEW YORK (S&P Global Ratings) Aug. 14, 2018--S&P Global Ratings today assigned its 'BB-' debt rating on Starwood Property Trust Inc.'s offering of $300 million of senior unsecured notes. The debt rating is one notch below our 'BB' long-term issuer credit rating on Starwood because the company's priority debt is greater than 30% of adjusted assets, although unencumbered assets comfortably cover the unsecured debt. We expect Starwood will use proceeds from the issuance for general corporate purposes, which may include repayment of secured financing agreements. We expect debt to adjusted total equity (ATE) to be about 2.40x pro forma for the acquisition of GE Capital's Energy Financial Services Project Finance Debt Business, redemptions related to its 2019 convertible notes, and

...NEW YORK (S&P Global Ratings) Aug. 14, 2018--S&P Global Ratings today assigned its '##-' debt rating on Starwood Property Trust Inc.'s offering of $300 million of senior unsecured notes. The debt rating is one notch below our '##' long-term issuer credit rating on Starwood because the company's priority debt is greater than 30% of adjusted assets, although unencumbered assets comfortably cover the unsecured debt. We expect Starwood will use proceeds from the issuance for general corporate purposes, which may include repayment of secured financing agreements. We expect debt to adjusted total equity (ATE) to be about 2.40x pro forma for the acquisition of GE Capital's Energy Financial Services Project Finance Debt Business, redemptions related to its 2019 convertible notes, and the $300 million senior unsecured notes issuance. We expect Starwood will operate with debt to ATE of 2.25x¡2.75x. RELATED CRITERIA + Criteria - Financial Institutions - General: Issue Credit Rating Methodology For...

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