Fitch affirms Boston Properties

Fitch Ratings said it affirmed Boston Properties Inc. and Boston Properties LP's issuer default rating at BBB, unsecured revolving credit facility at BBB, senior unsecured notes at BBB, convertible/exchangeable senior unsecured notes at BBB and preferred stock at BBB-.

The outlook is stable.

The affirmation is supported by a high quality portfolio of assets, strong operating track record, solid debt service coverage, a strong liquidity position, a sizable pool of unencumbered assets, manageable debt maturities, reasonable leverage and demonstrated access to a range of capital sources, according to the agency.

Ratings also reflect a fairly concentrated operational footprint, some asset concentration and some exposure to large tenants with weak credit profiles and challenged business performance, the agency said.

Pro forma for the June equity raise, Fitch said it calculates the company's net debt-to-recurring EBITDA ratio at 5.4x.

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