WASHINGTON (dpa-AFX) - Following shareholder approval of the merger between ProLogis and AMB Property Corp., Fitch Ratings said that it has upgraded the credit ratings of ProLogis.
Fitch Ratings upgraded ProLogis's Issuer Default Rating (IDR) to 'BBB-' from 'BB+'; Global line of credit facility to 'BBB-' from 'BB+'; Senior notes to 'BBB-' from 'BB+'; Convertible senior notes to 'BBB-' from 'BB+'; Preferred stock to 'BB' from 'BB.
Fitch said that it has also removed ProLogis from Rating Watch Positive and withdrawn the IDR and global line of credit facility rating for ProLogis.
Fitch has also downgraded the following credit ratings of ProLogis, Inc., ProLogis, L.P., and AMB Japan Finance Y.K., and removed them from Rating Watch Negative.
Fitch downgraded ProLogis, Inc.'s ,Formerly known as AMB Property Corporation, IDR to 'BBB-' from 'BBB'; Preferred stock to 'BB' from 'BB.
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