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Fitch Upgrs Spieker Properties' Debt/Preferred Following Merger.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 10, 2001

Fitch has upgraded $1.9 billion of senior debt and $381 million of preferred stock issued by Spieker Properties, Inc. and subsidiaries following Spieker's merger with and into Equity Office Properties Trust earlier this month.

Through the merger, Spieker's senior unsecured notes have been assumed by EOP Operating Limited Partnership, and are upgraded from 'BBB' to 'BBB+'. Similarly, Spieker's preferred stock has been reissued by Equity Office Properties Trust, and is upgraded from 'BBB-' to 'BBB'. The Rating Outlook for EOP Operating Limited Partnership and Equity Office Properties Trust is Stable. As a result of the merger, the Fitch ratings for Spieker have been withdrawn.
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Publication:Business Wire
Date:Jul 10, 2001
Words:114
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