June 7 - Standard & Poor's Ratings Services today assigned its 'BBB-' rating to the $300 million 4.375% senior unsecured notes due June 15, 2022, issued by Duke Realty L.P., a subsidiary of Duke Realty Corp. (together Duke; see list). Duke will use the proceeds from the note sale to repay revolver borrowings and for general corporate purposes, which may include prefunding $200 million of aggregate senior notes that mature in August ($150 million) and October ($50 million). Our ratings on Duke Realty Corp. (Duke) reflect a "satisfactory" business risk profile supported by a large, diversified, and competitively positioned portfolio of high-quality industrial and medical office properties, and office properties with weaker, but stabilizing performance. We believe the company's advancing portfolio repositioning initiatives will enhance the portfolio over the long run. We view the REIT's financial risk profile as "significant" due to high, but moderating leverage (including preferred stock), and low, but stable debt coverage measures. The stable outlook reflects our expectations for continued low but relatively firm FCC measures, given the company's minimal exposure to variable interest rates, relatively manageable lease expirations, and reduced development pipeline. We could lower the ratings if the company's cash flow deteriorates, perhaps due to very dilutive asset recycling. We would also consider a downgrade if core operations deteriorate due to weaker than expected economic growth, such that coverage measures fall from current levels. Although unlikely in the near term, we could consider an upgrade if Duke gradually reduces overall leverage levels, occupancy growth continues, and coverage metrics steadily improve (FCC of more than 2.0x). For our most recent credit analysis on Duke Realty Corp., see "Summary: Duke Realty Corp.," published March 21, 2012, on RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. RELATED CRITERIA AND RESEARCH -- Industry Report Card: Improvements In Operating Fundamentals Bode Well For North American REITs, published May 4, 2012. -- Issuer Ranking: North American REITs And Real Estate Operating Companies, Strongest To Weakest, published April 30, 2012. -- Credit FAQ: How Standard & Poor's Applies Its Liquidity Descriptors For Global Corporate Issuers To North American Real Estate Companies, published Oct. 12, 2011. -- Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, published Sept. 28, 2011. -- Key Credit Factors: Global Criteria For Rating Real Estate Companies, published June 21, 2011. RATINGS LIST Duke Realty Corp./Duke Realty L.P. Corporate credit BBB-/Stable/-- Senior unsecured BBB- RATING ASSIGNED Duke Realty L.P. $300 million 4.375% senior Unsecd notes due 2022 BBB-
AT&T reaches deal to buy Time Warner for more than $80 billion -WSJ
Oct 22 AT&T Inc reached a deal to buy media company Time Warner Inc for more than $80 billion, The Wall Street Journal reported on Saturday.
Trump vows to weaken U.S. media 'power structure' if elected
GETTSYBURG, Pa. , Oct 22 U.S. Republican presidential candidate Donald Trump promised on Saturday to foil a proposed deal for AT&T Inc to buy Time Warner Inc if he wins the Nov. 8 election, arguing it was an example of a "power structure" rigged against both him and voters.