Moody's affirmed all of its ratings on W. P. Carey Inc., such as its Baa2 senior unsecured notes and long-term issuer rating.
The other affirmed ratings are its (P)Baa2 senior unsecured shelf and (P)Baa3 preferred shelf. The ratings outlook is stable.
Moody's said that the affirmation reflects the company's success in executing its investment strategy, its highly diversified portfolio and its ability to maintain a strong occupancy rate in the mid- to high-90% range through market cycles.
The stable outlook, meanwhile, is because of the rating agency's expectation that the company will simultaneously reduce its secured debt levels, increase its unencumbered asset portfolio and sustain its current operating performance.