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GLP Pte. Ltd. -- Moody's: GLP's sale of assets in three US funds is credit positive; no ratings impact

Moody's Investors Service ("Moody's") says that GLP Pte. Ltd.'s ("GLP") (Baa3 stable) announcement on 3 June that it will sell assets from three of its US funds to Blackstone Group LP is credit positive, but has no immediate impact on GLP's Baa3 issuer and senior unsecured ratings or the stable outlook. "Pending on the close of the transaction, and if GLP plans to deploy a material part of the net proceeds from the asset sale to reduce its financial leverage, we expect only a moderate impact on its credit metrics given the small size of the net proceeds relative to its debt level," says Stephanie Lau, a Moody's Vice President - Senior Analyst. While this level of leverage is still high for the Baa3 rating, Moody's expects GLP's adjusted net debt/EBITDA (after JV adjustments) will continue to trend towards 9.0x over the next 12 months.