Fitch assigns Mack-Cali loan BB+/RR4

Fitch Ratings said it affirmed its BB+ issuer default rating for Mack-Cali Realty Corp. and its operating partnership Mack-Cali Realty, LP.

The agency also assigned a BB+/RR4 rating to Mack-Cali’s $350 million unsecured term loan due January 2019 with two one-year extension options.

The outlook is stable.

Fitch said the ratings reflect Mack-Cali’s weaker credit metrics and capital markets access relative to other low investment grade rated REITs, as well as challenging fundamentals in many of its core northeast suburban office markets. The agency expects Mack-Cali’s credit metrics to remain appropriate for a BB+ rated REIT through the 2017 projection period.

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