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Fitch affirms Brandywine Realty
Fitch Ratings said it affirmed the BBB- issuer default rating, unsecured revolving credit facility, senior unsecured notes and BB+ preferred stock of Brandywine Realty Trust and Brandywine Operating Partnership, LP.
The outlook is positive.
The agency said Brandywine's acquisition of Prentiss Properties in 2006 added significant scale and diversity to the company's cash flow stream. In addition, the company maintains a strong leasing profile with a diverse tenant base that includes many strong credit tenants, a sizable unencumbered asset pool, manageable lease expiration schedule and has demonstrated enhanced access to multiple capital markets.
Fitch's rating concerns include the Brandywine's relatively weak risk-adjusted capital ratio, a development pipeline with several development projects that had no tenant commitments as of Sept. 30, continued rent roll-downs on existing leases and significant debt maturities in 2009.
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