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S&P affirms Liberty Property Trust ratings

S&P Global Ratings affirmed its BBB issuer credit rating on Liberty Property Trust and its operating partnership, with the outlook revised to positive from stable.

The rating agency said it believes the industrial real estate investment trust is still on track to successfully sell a majority of its noncore office properties over the next year, allowing it to redeploy the capital into industrial assets in medium- and high-barrier-to-entry markets.

The positive outlook reflects Ratings' favorable view of Liberty's recent equity issuance, which generated net proceeds of about $448 million. It expects the REIT to sustain adjusted debt to EBITDA in the low- to mid-5x area over the next two years.