S&P affirms Washington REIT

Standard & Poor's said it affirmed the BBB+ corporate credit rating on Washington Real Estate Investment Trust and on $796 million of senior unsecured notes.

The outlook is stable.

"Our ratings on Washington REIT reflect the company's well-occupied and diversified portfolio of retail and multifamily assets, which has historically produced relatively stable cash flows," S&P analyst Eugene Nusinzon said in a statement.

"We also acknowledge the company's improved debt protection measures and conservative financial policies. However, these strengths are partially offset by rising vacancies in key property segments and pressure on rents due to the still-weak economy."

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