WASHINGTON (dpa-AFX) - Fitch Ratings said Monday that it has downgraded Liberty Property Trust's (LRY) Issuer Default Rating to 'BBB' from 'BBB+'.
Fitch also revised the Rating Outlook to Stable from Negative.
Fitch said the downgrade is principally based on the increase in Liberty's leverage to the low 6.0x area from the mid-4.0x's in 2009, against the backdrop of increased development risk and a persistent shortfall in Liberty's dividend coverage from adjusted funds from operations.
The Stable Outlook reflects Fitch's expectation for Liberty's leverage to remain in the low 6.0x range through 2015, which is appropriate for the 'BBB' rating.
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