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Moody's affirms Brandywine ratings

Moody's affirmed the Baa3 senior unsecured rating of the operating subsidiary of Brandywine Realty Trust.

The ratings outlook has been revised to positive from stable.

The rating agency noted the company's improved fiscal profile, achieved through reducing leverage via a mix of ordinary share issues and noncore asset disposals.

In addition, Brandywine's modest use of secured debt and robust liquidity position serve as additional credit positives for the company, Moody's said.

However, Brandywine's substantial geographic concentration and its large development pipeline constitute key credit concerns for the company.

The positive outlook echoes the office real estate investment trust's headway in decreasing leverage while continuing to show firm operating performance and cash flow progress, Moody's said.