Moody's affirms Piedmont; outlook positive

Moody's Investors Service said it affirmed the Baa3 issuer rating of Piedmont Operating Partnership, LP, a wholly owned subsidiary of Piedmont Office Realty Trust, Inc., and revised the outlook to positive from stable.

The positive outlook reflects Moody's expectation that Piedmont will continue to operate with its conservative leverage profile over the long-term.

According to the agency, effective leverage - debt plus preferred as a percentage of gross assets - was 30% and net debt to EBITDA was 4.5x at 2Q09.

© 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.