Fitch Withdraws Ratings for CarrAmerica.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings has withdrawn the existing ratings on CarrAmerica Realty Corporation and CarrAmerica Realty Operating Partnership following the company's successful tender offer for the majority of its outstanding senior unsecured notes. Additionally, the company has indicated that it intends to redeem its outstanding series E cumulative preferred stock Cumulative preferred stock Preferred stock whose dividends accrue, should the issuer not make timely dividend payments. Related: Non-cumulative preferred stock. shortly. These actions follow the closing of the sale of CarrAmerica to affiliates of the Blackstone Group. CarrAmerica is a self-administered and self-managed equity real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) headquartered in Washington D.C. that specializes in owning, acquiring, developing, and operating office properties. As of Dec. 31, 2005, CarrAmerica had interests in 26.3 million square feet of office space in 12 markets across the U.S. As of the year-end 2005, the company had approximately $3.7 billion of undepreciated book capital. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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