Fitch turns Kite Realty view to positive

Fitch Ratings said it changed its outlook for Kite Realty Group Trust (KRG) and Kite Realty Group, LP to positive from stable.

The agency said it also affirmed the two companies’ BBB long-term issuer default ratings and the partnership's underlying senior unsecured debt at BBB.

“The rating affirmation and outlook revision reflect significantly improved REIT leverage, defined as net debt/recurring operating EBITDA, in the years following the October 2021 merger with Retail Properties of America, Inc. (RPAI). Fitch expects KRG's leverage will continue to trend below 5x through the forecast period, assuming the company keeps development and acquisition spending under control,” Fitch said in a press release.

The agency noted that Kite’s Fitch-adjusted REIT leverage decreased to 4.9x at year-end 2023 from 5.2x in 2022, beating Fitch's expectations.

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