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Fitch ups STAG, preferreds, loans, notes
Fitch Ratings said it upgraded STAG Industrial, Inc.’s issuer default rating to BBB from BBB- and preferred stock to BB+ from BB.
The agency also upgraded operating partnership STAG Industrial Operating Partnership, LP’s issuer default rating to BBB from BBB-, senior unsecured revolving credit facility to BBB from BBB-, senior unsecured term loans to BBB from BBB- and senior unsecured notes to BBB from BBB-.
The outlook was revised to stable from positive.
Fitch said the upgrade reflects STAG's credit strengths, which include strong leverage and fixed charge coverage metrics for the rating, excellent liquidity, a sizable unencumbered asset pool and improving access to unsecured debt capital.
The agency expects STAG to operate through the cycle with metrics that are appropriate for the BBB rating, including leverage sustaining in the low-to-mid 5 times range and fixed charge coverage in the mid-to-high 3 times range.
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