Fitch downgrades Mack-Cali

Fitch Ratings said it downgraded the long-term issuer default ratings for Mack-Cali Realty Corp. and its operating subsidiary Mack-Cali Realty, LP to BB- from BB.

“Mack-Cali’s issuer default rating reflects the company’s high leverage, weak liquidity coverage, active development program, limited unsecured debt and equity capital access and moderate complexity from joint venture (JV) investments, which also limit the company’s strategic and operational control and reduce financial reporting transparency,” Fitch said in a press release.

The outlook is negative.

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