During 2018, S&P Global Ratings upgraded the long-term credit ratings for nine U.S. real estate investment trusts and downgraded three, while Moody's upgraded the senior unsecured debt ratings for six REITs and downgraded the ratings for four.
Fitch Ratings, which also provides credit ratings of corporate debt issuers, is not tracked by S&P Global Market Intelligence for REITs.
REITs of all property types were represented among the highest- and lowest-rated companies by S&P Global Ratings.
Mall giant Simon Property Group Inc. and self-storage behemoth Public Storage were the top-rated REITs among those covered by S&P Global Ratings, with both carrying A credit ratings and stable outlooks.
Communication REIT Uniti Group Inc., which had a market cap of roughly $3.4 billion as of Jan. 18, had the lowest rating among REITs covered by S&P Global Ratings, at CCC+ with a developing outlook. S&P Global Ratings and Moody's each downgraded Uniti Group's credit rating twice within the past year in conjunction with the downgrade of the REIT's primary tenant, Windstream Holdings Inc.
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This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.