S&P lowers Washington REIT

Standard & Poor's said it lowered the corporate credit and senior unsecured debt ratings on Washington Real Estate Investment Trust to BBB from BBB+.

The outlook is stable.

The downgrades reflect a revised assessment of the company's competitive position relative to similarly rated peers given its portfolio concentration and recently weaker-than-expected operating performance, S&P said.

The agency also said it believes soft demand for office space in the Washington, D.C. metro area, the agency said.

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