Fitch rates Gramercy notes BBB

Fitch Ratings said it affirmed the credit ratings for Gramercy Property Trust, including the issuer default rating at BBB.

The outlook is stable.

The agency also assigned a BBB rating to the senior unsecured notes due 2022, 2025, and 2026 issued by GPT Operating Partnership LP and GPT Property Trust LP and unconditionally guaranteed by Gramercy Property Trust.

The outlook is stable.

“The ratings are based on GPT's solid credit metrics, strong management team, granular portfolio of predominantly single-tenant, triple-net leased assets generating consistent cash flow growth, and growing unencumbered pool,” the agency said.

“Fitch expects asset quality to improve over the next several years as a result of Gramercy's capital repositioning strategy of disposing of select single- and multi-tenant assets, and reinvesting those proceeds in target industrial and, to a lesser extent, specialty assets. The primary objective of the repositioning is to reduce office exposure to less than 25% of net operating income (NOI).”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.