Fitch affirms BRE

Fitch Ratings said it affirmed the issuer default rating and outstanding debt ratings on BRE Properties, Inc.: issuer default rating BBB, unsecured revolving credit facility BBB, senior unsecured notes BBB, convertible senior notes BBB and preferred stock BBB-.

The outlook is stable.

Fitch said that the ratings are supported by BRE's high quality portfolio of multifamily assets in supply-constrained locations, solid debt service coverage ratios, a large unencumbered asset pool, well laddered debt maturities and adequate risk-adjusted capitalization.

Credit concerns include the company's exposure to a relatively small number of housing markets and a significant increase in leverage in recent quarters, the agency noted.

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