W. P. Carey Receives Baa2 Rating with Stable Outlook from Moody's Investors Service
NEW YORK, Jan. 23, 2014 /PRNewswire/ -- W. P. Carey Inc. (NYSE:WPC) announced today it has received an investment grade issuer rating of Baa2 with a stable outlook from Moody's Investors Service.
According to the Moody's report, the rating reflects WPC's stable cash flows, high occupancy and strong operating performance throughout credit and real estate cycles. In addition, Moody's noted WPC's rigorous underwriting criteria and focus on acquiring mission critical assets.
Trevor Bond, W. P. Carey's President and Chief Executive Officer, commented: "We are pleased to receive a Baa2 investment grade rating from Moody's. As a result of our Moody's rating and our previously announced BBB rating from S&P, we believe we are strongly positioned to access the investment grade unsecured market. Access to unsecured borrowing will help us continue to strengthen our balance sheet and maintain an efficient cost of capital, while diversifying our sources of funding for future growth."
W. P. Carey Inc. (WPC)
W. P. Carey Inc. is a publicly traded REIT (NYSE: WPC) that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and owns and manages an investment portfolio totaling more than $15 billion. The largest owner/manager of net lease assets, WPC's corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows that have enabled WPC to deliver consistent and rising dividend income to investors for nearly four decades. www.wpcarey.com
This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Mr. Bond are examples of forward looking statements. A number of factors could cause the Company's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact the Company, reference is made to W. P. Carey's filings with the Securities and Exchange Commission.
W. P. Carey Inc.
Ross & Lawrence
SOURCE W. P. Carey Inc.