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S&P affirms QTS Realty Trust

S&P Global Ratings affirmed data center real estate investment trust QTS Realty Trust Inc.'s corporate credit rating at BB-.

The outlook is stable.

The ratings agency said it had placed the company under criteria observation Feb. 26 following a revised criteria for real estate companies to include some data center REITs.

S&P expects QTS Realty to execute on its refocused business strategy to exit its C3 platform. QTS recently announced a restructuring plan that includes an exit from certain noncore C3 custom products.

S&P also expects the company to maintain relatively high capital expenditures, mainly funded with debt. Debt to EBITDA is expected to peak at roughly 7.5x in 2018 and drop back to below 7x in 2019.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.