Moody’s affirms Granite REIT

Moody's Investors Service said it affirmed all ratings of Granite Real Estate Investment Trust and Granite REIT Holdings LP, including the Baa2 senior unsecured debt rating.

The outlook is stable.

The agency said the senior unsecured rating reflects the REIT's conservative balance sheet and strong credit metrics, including low leverage and high fixed charge coverage.

“Granite has a high-quality pool of assets which are 100% unencumbered,” Moody’s said in a news release.

“Granite's unencumbered NOI coverage on unsecured interest expense was 4.7x as of year-end 2017, a key credit plus.”

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