S&P Global Ratings affirmed Brandywine Realty Trust's issuer credit rating at BBB-, with a stable outlook.
The rating agency also affirmed the BBB- rating on the office real estate investment trust's senior unsecured notes issued under Brandywine Operating Partnership LP.
S&P said the affirmation takes into account its expectation for Brandywine to generate stable cash flow and EBITDA following the company's portfolio recycling activities and the continued execution of its development pipeline.
The rating agency sees Brandywine's transition to a more urban-focused portfolio as credit-positive and expects the company to continue to benefit as its remaining urban development projects come online.
S&P also expects that Brandywine will maintain debt-to-EBITDA ratio in the mid-6x area, with fixed-charge coverage in the low-3x area, following its debt-cutting activities over the past two years.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.