Moody's rates Kilroy Realty Baa3

Moody's Investors Service said it assigned a provisional Baa3 senior unsecured debt rating on Kilroy Realty, LP, the operating partnership of Kilroy Realty Corp. Its Baa3 issuer rating was affirmed.

The outlook is stable.

The action follows news of Kilroy Realty's intent to offer senior unsecured notes in a Rule 144A private placement offering. The notes will be guaranteed by Kilroy Realty Corp.

The ratings reflect the high quality of the REIT's assets, its large unencumbered asset pool, strong coverage metrics and moderate leverage, Moody's said.

Kilroy Realty's leverage metrics improved during the last year with net debt-to-EBITDA declining to 6.1x at the first quarter of 2010 from 6.4x at the first quarter of 2009, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.