Fitch affirmed the issuer default rating of Brixmor Property Group Inc. at BBB-, with a stable outlook.
The rating agency noted Brixmor's asset quality to be at the lower end of its publicly traded peers. Fitch added that the shopping center landlord's investment-grade rating is backed by its "appropriate" credit metrics and consistent capital access.
Moving ahead, Fitch expects that Brixmor will maintain its leverage in the mid-6x range through 2020. The company's net operating income from unencumbered assets is projected to continue to cover its unsecured debt at a level below Fitch's standard 2.0x threshold for investment-grade issuers.