Moody's rates Kilroy Baa3

Moody's Investors Service said it assigned a Baa3 issuer rating with a stable outlook to Kilroy Realty, LP, the operating partnership of Kilroy Realty Corp.

This is the first rating Moody's has assigned to the REIT.

The Baa3 issuer rating reflects the high quality of the REIT's assets, its large unencumbered asset pool, strong coverage metrics and moderate leverage, the agency said.

Kilroy Realty's leverage metrics improved in 2009 with net debt to EBITDA declining to 5.8x at YE 2009 from 6.4x at YE 2008 and debt plus preferred equity as a percentage of gross assets dropping to 43.4% at YE 2009 from 50.7% at YE 2008, Moody's said.

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