Moody's assigned a corporate family rating to Dream Global REIT at B1 and downgraded the backed senior unsecured debt rating of Dream Global Funding I SARL to B1 from Baa2.

The rating agency also withdrew the Baa2 long-term issuer rating on the real estate owner and operator as a result of the downgrades. The outlook on both entities remains on ratings under review.

The downgrade was based on the recently completed sale of Dream Global to private equity giant The Blackstone Group Inc. The agency is of the opinion that the real estate investment trust's credit profile will weaken and the scale of its operations will be much smaller following the deal completion.

Moody's said the review will concentrate on the effect of the evolving shareholder structure on Dream Global's operations, strategy, financial policy and access to capital, among other things.

The review will be resolved once Moody's has enough awareness on the final structure, leverage, and quantity and quality of the remaining assets within the company following the deal. The review could result in a possible downgrade of one or more notches.