Standard and Poor's Upgrades Its Outlook on Spieker Properties

Citing a solid financial outlook and advantageous business position, Standard and Poor’s yesterday upgraded its outlook for Spieker Properties.

In upgrading its outlook from “stable” to “positive and raffirming its triple-”B” corporate credit rating, S&P described the West Coast focused office and industrial trust one of “the most solid real estate companies within its rating category,” noting its 41 million-sf portfolio with a market capitalization of about $6 billion.

The kudos are based in part on Spieker’s substantial West Coast inroads, particularly in the ultratight Bay Area market: “This focus provides for a commanding market presence and good asset quality,” if not a very geographically diverse one, states S&P in it’s report.