Moody's changed the ratings outlook of Brixmor Property Group Inc. and its subsidiary, Brixmor Operating Partnership LP, to positive from stable.
Moody's affirmed Brixmor Property's non-cumulative preferred shelf rating and preferred shelf rating at (P)Ba1 and its operating partnership's issuer rating at Baa3, senior unsecured rating at Baa3 and senior unsecured shelf rating at (P)Baa3.
Moody's said the stable outlook takes into account Brixmor's demonstrated success in fulfilling its portfolio transformation initiative with mark-to-market opportunities to offset potential near-term tenant bankruptcies and store closures.
The rating agency also credited the positive outlook to its expectations for improved risk management infrastructure that will help sustain leverage ratios at about the current levels and better defend the sustainability of Brixmor's operating performance.
The real estate investment trust's financial policy reflects its stable leverage ratios and solid liquidity profile with a laddered debt maturity schedule, Moody's said.