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Prospect News home > News index > List of issuers B > Headlines for Brandywine Realty Trust > News item |
Fitch drops Brandywine to junk
Fitch Ratings said it downgraded Brandywine Realty Trust and Brandywine Operating Partnership, LP's issuer default rating to BB+ from BBB-.
The agency also lowered Brandywine Realty's preferred stock to BB- from BB+, and Brandywine Operating Partnership's unsecured revolving credit facility to BB+ from BBB- and senior unsecured notes to BB+ from BBB-.
The outlook was revised to negative from stable.
Fitch said the downgrade centers on the substantial cash needs of Brandywine in 2009 and 2010 and the weakening macro commercial real estate environment.
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