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S&P affirms corporate credit rating on Equity Commonwealth

S&P Global Ratings affirmed its BBB- corporate credit rating on Equity Commonwealth, with a stable outlook.

The rating agency said Equity Commonwealth's "aggressive" asset disposition strategy over the last three years has helped boost its balance sheet, somewhat offsetting the company's reduced scale, increased geographic concentration risk and "weak" operating performance of late. It highlighted the company's high cash balance and "negligible" debt leverage.

S&P expects Equity Commonwealth to start buying higher-quality assets over the next two years to enhance its overall asset profile.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.