...December 17, 2024 NEW YORK (S&P Global Ratings) Dec. 17, 2024--S&P Global Ratings today assigned its '##-' issue rating to Starwood Property Trust Inc.'s offering 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 Sept. 30, 2024. We expect the company to use the proceeds to repay a separate $400 million issuance of sustainability bonds due this month and to finance or refinance 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 $4.6 billion of unencumbered...
