LXP Industrial Trust ratings withdrawn after Brookfield, CPPIB acquisition
LXP Industrial Trust exits public markets after completing its all-cash sale to affiliates of Brookfield Asset Management and Canada Pension Plan Investment Board. The transaction leads Fitch Ratings to withdraw the company's issuer and debt ratings after LXP redeemed all of its debt and became privately held.
Highlights
- LXP Industrial Trust's ratings were withdrawn by Fitch after its acquisition by Brookfield Asset Management and Canada Pension Plan Investment Board was completed.
- Fitch previously rated LXP's IDR and unsecured debt at BBB with a Rating Watch Negative, but withdrew coverage due to insufficient post-transaction information.
- LXP redeemed all outstanding debt and delisted from the NYSE, prompting Fitch to end all analytical coverage and ratings for the now-private company.
Withdrawal follows completed buyout
As reported by Fitch Ratings, the agency has withdrawn LXP Industrial Trust's Issuer Default Rating and related debt instrument ratings after the company's acquisition by affiliates of Brookfield Asset Management and Canada Pension Plan Investment Board was completed.Before the withdrawal, Fitch rated LXP's IDR and related unsecured debt at BBB and had placed the ratings on Rating Watch Negative. Fitch said the withdrawal reflects insufficient information to maintain ratings on the company following the transaction.
LXP's shares no longer trade on the New York Stock Exchange, and the company is now privately held. Fitch also said LXP has redeemed all of its debt, removing the basis for continued analytical coverage.
Market and coverage implications
With LXP no longer publicly traded and its debt fully redeemed, the rating withdrawal closes out Fitch's formal coverage of the industrial real estate investment trust.The move reflects a common post-acquisition outcome when a target company leaves public markets and no longer maintains rated debt securities. Fitch said it will no longer provide ratings or analytical coverage for LXP Industrial Trust.
Our earlier coverage of Fitch’s rating on Hainan Rubber’s proposed subordinated perpetual sustainable securities explained why the notes were rated BBB- and set below the issuer level due to subordination and coupon-deferral features. We also outlined Fitch’s rationale around group support, leverage and liquidity, and how the structure and funding profile shaped the agency’s credit view.
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