Moody’s ups Granite REIT debt to Baa2

Moody's Investors Service said it upgraded Granite REIT Holdings LP's senior unsecured debentures to Baa2 from Baa3 with a stable outlook.

The agency also upgraded the ratings of Granite Real Estate Investment Trust to Baa2 from Baa3 with a stable outlook.

Moody’s said the action reflects Granite's execution of its strategic restructuring plan with good financial metrics and a prudently managed balance sheet.

Granite converted to a REIT in January 2013, and since that time acquired 12 non-Magna income producing properties, agreed to sell the Mexico portfolio to Magna, renewed or extended over 9 million square feet with Magna, leased to 20 non-Magna tenants to diversify its tenant-base, and reduced its Magna exposure to 85% from 97%, while maintaining solid financial metrics and occupancy.

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