Fitch Ratings upgraded Duke Realty Corp. and Duke Realty Ltd. Partnership's issuer default rating to BBB+ from BBB.
The outlook is stable.
The rating agency said the upgrade accounts for the company's achievement and commitment to conservative credit metrics and its large and high-quality diversified portfolio of industrial and medical office properties. Fitch also noted Duke Realty's "strong access" to various capital forms, including "healthy levels" of internally generated cash flow after dividends.
The stable outlook reflects the rating agency's expectation that the company's leverage will stabilize in the mid- to high-5.0x range, and that the company will maintain adequate financial flexibility in the near to medium term.