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Moody's affirms Gramercy Property's ratings in wake of Blackstone deal

Moody's Investor Service affirmed Gramercy Property Trust's Baa3 issuer rating in the wake of a roughly $7.6 billion all-cash deal that will see affiliates of Blackstone Group LP's Blackstone Real Estate Partners VIII acquire all outstanding common stock of the diversified real estate investment trust.

The rating agency also affirmed the Baa3 senior unsecured debt rating of Gramercy's primary operating subsidiary, GPT Operating Partnership LP.

The rating outlook has been revised to stable from positive.

The stable rating outlook reflects Moody's expectation that the deal will be executed as defined, and the notes outstanding will be redeemed at the make-whole price.