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Fitch rates American Assets Trust notes BBB
Fitch Ratings said it assigned a BBB rating to the $100 million senior guaranteed notes, series F, private placement due July 19, 2024 issued by American Assets Trust, LP, the operating partnership of American Assets Trust, Inc.
The rating and stable outlook are based on the company’s credit strengths, which include a portfolio focus on high barrier-to-entry U.S. West Coast markets that Fitch expects will result in growing cash flow in excess of fixed charges.
Other strengths include appropriate leverage for the BBB rating achieved through organic de-levering, good unencumbered asset coverage of unsecured debt and a long management track record.
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