Moody’s revises Brixmor to negative

Moody's Investors Service said it affirmed the Baa3 senior unsecured rating of Brixmor Operating Partnership LP and revised the outlook to negative from stable.

The outlook revision reflects Brixmor's Feb. 8 announcement that its audit committee review found that specific accounting and financial reporting personnel were smoothing non-GAAP same property NOI items and the uncertainty surrounding the ultimate effect from the accounting review.

The outlook revision will focus on the final impact the accounting review will have on Brixmor's operations and capital market transactions, its timely filing of year-end 2015 financials and implementation of better financial controls to preclude the recurrence of such issues in the future, the agency said.

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