Fitch affirms Brandywine

Fitch Ratings said it affirmed the ratings of Brandywine Realty Trust and Brandywine Operating Partnership, LP as follows: issuer default rating BBB-, unsecured revolving credit facility BBB-, senior unsecured notes BBB- and preferred stock BB+.

The outlook has been revised to stable from positive.

Fitch said that the ratings are supported by a geographically diversified portfolio of quality assets including a sizable unencumbered pool, a solid leasing profile and financial flexibility including demonstrated access to a variety of capital sources.

These strengths are tempered by declining trends in debt service coverage ratios, increased leverage, limited leasing activity within the company's development pipeline and declining fundamentals in some of Brandywine's markets, the agency noted.

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