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Moody's affirms Brandywine ratings, revises outlook

Moody's affirmed its ratings on the main operating subsidiary of Brandywine Realty Trust and revised the ratings outlook to stable from positive.

The affirmation pertains to Brandywine Operating Partnership LP's backed senior unsecured notes at Baa3 and backed senior unsecured shelf at (P)Baa3.

The rating agency said the office real estate investment trust's liquidity is enough to meet the company's upcoming capital needs, primarily funding its capital expenditures and re/development pipeline. The company's high leverage and its substantial geographic concentration are among the main credit concerns.

Moody's noted that it does not expect meaningful leverage reduction over the next 12 months, adding that the REIT's portfolio remains well-leased, but cash flow growth will be constrained by some big expected tenant move-outs.