Fitch applies BBB- to Brixmor notes

Fitch Ratings said it assigned a BBB- credit rating to the $500 million unsecured notes issued by Brixmor Operating Partnership LP, a subsidiary of Brixmor Property Group, Inc.

The 2022 notes were priced at 99.223% of par, or at 4.003%, a 200 basis point spread to the benchmark treasury.

Brixmor Property expects to use all or a portion of the net proceeds to refinance maturing debt and for general corporate purposes.

The outlook is stable.

Fitch said the ratings reflect Brixmor’s large and diverse portfolio of 519 properties, its strong cycle-tested management team and fixed-charge coverage and unencumbered asset coverage of unsecured debt (UA/UD) that are appropriate for a BBB- rated REIT.

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