Fitch Ratings affirmed the BBB+ long-term issuer default ratings of Duke Realty Corp. and its operating subsidiary Duke Realty LP, with a stable outlook.

The ratings were also withdrawn for commercial purposes.

Fitch attributed the ratings to Duke Realty's conservative credit metrics, with its debt expected to climb modestly to roughly 5.25x through 2022, in line with the company's low 5x policy.

Fitch added that Duke Realty's 155 million-square-foot portfolio is larger and more granular compared with its peers.

The ratings also reflect the Indianapolis-based company's strong access to various forms of capital, which includes a healthy level of internally generated cash flow.