Moody's affirmed the ratings of 'sCorporate Office Properties LP with a stable outlook.
Specifically, the rating agency affirmed the partnership's seniorunsecured debt and issuer ratings at Baa3 and its senior unsecured debt shelfrating at (P)Baa3.
According to Moody's, the action reflects the unit's "uniqueoperating platform and its high-quality, customized office assets."
The Baa3 senior unsecured rating, meanwhile, reflects thepartnership's "well-staggered" debt maturity profile and "well-sized"unencumbered pool.
Offsetting these strengths are Corporate Office Properties'geographically concentrated portfolio in Maryland, relatively high leverage andtenant concentration risk.
Moody's noted that the stable outlook reflects itsexpectation that the company will keep executing its plan to slash overallleverage while improving its fixed-charge coverage.
The rating agency also expects the company to keepdevelopment risk at "prudent" levels.