Moody's affirmed Alexandria Real Estate Equities Inc.'s issuer and senior unsecured ratings at Baa1 and assigned a Prime-2 short-term rating to the real estate investment trust's new commercial paper program.
The rating agency also affirmed the REIT's senior unsecured shelf, preferred stock and preferred shelf ratings at (P)Baa1, Baa2 and (P)Baa2, respectively.
Moody's said the rating affirmation takes into account the REIT's nationally diversified and well-located portfolio of life sciences assets. The rating also reflects the good credit quality and relative independence from the business cycle among many of the REIT's tenants.
The rating outlook is stable, which reflects Alexandria's well-leased portfolio and expectations that the REIT will continue its prudent financial policy with growth on a leverage-neutral basis, according to Moody's.
