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Fitch affirms Highwoods
Fitch Ratings said it affirmed Highwoods Properties, Inc.'s issuer default rating a BBB- and preferred stock at BB+ and Highwoods Realty LP's issuer default rating, senior unsecured notes and unsecured revolving credit facility at BBB-.
The outlook is stable.
The agency said the affirmations center on the strength of Highwoods' credit metrics, supported by a solid liquidity position; improved debt service coverage and leverage ratios; a well laddered lease expiration schedule; and an unencumbered real estate asset coverage of unsecured debt ratio of 2.6 times as of June 30, which provides ample protection to unsecured bondholders. The debt-to-recurring operating EBITDA ratio was 5.6 times at June 30.
Fitch said its credit concerns revolve around the weakening operating fundamentals of the company's core and more challenged markets - e.g., Raleigh, Tampa and Atlanta.
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