Fitch affirms Boston Properties

Fitch Ratings said it affirmed Boston Properties, Inc.'s issuer default rating at BBB and Boston Properties, LP's issuer default rating, $750 million unsecured revolving credit facility, $4.9 billion senior notes and $1.2 billion exchangeable senior notes at BBB. The outlook is stable.

The agency said the ratings are supported by a high-quality portfolio of predominantly central business district, class A office properties, solid leasing profile, manageable lease expirations, strong liquidity, well-staggered debt maturities, a large unencumbered asset pool that provides solid coverage of unsecured debt and demonstrated access to a range of capital sources.

The ratings are balanced by a fairly concentrated operational footprint, sizable exposure to tenants in the financial services and legal community, moderately weak leverage and fixed-charge coverage for the rating category and a propensity to maintain a large development pipeline, Fitch said.

The company's net debt to recurring operating EBITDA was 6.6 times as of March 31.

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