Fitch rates American Assets Trust notes, loan BBB

Fitch Ratings said it assigned a BBB rating to the $250 million, senior guaranteed notes, series D private placement due March 1, 2027 issued by American Assets Trust, LP, the operating partnership of American Assets Trust, Inc.

The agency also assigned a BBB rating to American Assets Trust’s $50 million term loan C due March 1, 2023.

Fitch said the ratings and stable outlook are based on American Assets Trust’s credit strengths, which include a portfolio focus on high barrier-to-entry U.S. West Coast markets that the agency expects will result in growing cash flow in excess of fixed charges, appropriate leverage achieved through organic delivering and appropriate for the BBB rating, good unencumbered asset coverage of unsecured debt and long management track record.

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