Moody's affirmed its ratings on Washington Real Estate Investment Trust, with a stable outlook.
The affirmation pertains to the REIT's Baa2 senior unsecured debt and (P)Baa2 medium-term note program and senior unsecured shelf.
The rating agency said the Baa2 senior unsecured rating factors in the REIT's well-positioned portfolio of multifamily and office assets in the Washington, D.C., metro area, supported by its good financial flexibility and conservative leverage.
The credit strengths are offset by the company's relatively small size compared to similarly-rated corporate issuers.
The stable outlook takes into account Moody's expectation that the REIT will continue to improve its cash flows through its repositioned portfolio while keeping its conservative credit metrics.
