Fitch affirms Brandywine

Fitch Ratings said it affirmed the credit ratings of Brandywine Realty Trust and its subsidiary, Brandywine Operating Partnership, LP as follows:

• Brandywine Realty's issuer default rating at BB+ and preferred stock at BB-; and

• Brandywine Operating's issuer default rating at BB+, unsecured revolving credit facility at BB+ and senior unsecured notes at BB+.

The outlook is stable.

Fitch said that the affirmation of the issuer default rating at BB+ reflects the company's credit strengths, including its manageable debt maturity and lease expiration schedules, granular tenant base, and access to the capital markets.

Offsetting these strengths are operating fundamentals in Brandywine's markets, which remain weak and will likely be soft in the near to medium term, the agency added.

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