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Fitch affirms LXP Industrial at BBB
Fitch Ratings affirmed its BBB long-term issuer default rating on LXP Industrial Trust.
Fitch estimates LXP's base case liquidity coverage at 3.3x from the first quarter of 2024 through year-end 2025. The company should be able to fund all its debt maturities through 2024 as well as recurring and development capex with cash flow after dividends.
LXP's maturity schedule is well-laddered with no material maturities until 2027 after the expected repayment of $199 million of senior notes due June 2024 coming from cash on hand after the company's $300 million senior unsecured note issuance in November 2023.
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