Fitch Ratings affirmed its ratings on STAG Industrial Inc., with a stable outlook.
The action pertains to the industrial real estate investment trust's BBB long-term issuer default rating and BB+ long-term preferred rating. At the same time, the rating agency affirmed STAG Industrial Operating Partnership LP's BBB long-term issuer default and senior unsecured ratings.
Fitch said the ratings take into account the REIT's solid liquidity, an ample unencumbered asset pool and established access to unsecured private placement notes and bank debt, among other credit strengths.
The rating agency also noted that STAG Industrial's senior unsecured notes offerings have served as key milestones in its transition to a predominantly unsecured borrowing strategy, but its access to unsecured debt capital remains somewhat less established than similarly rated peers pending a maiden public unsecured bond offering and further private placement issuance.