Fitch Ratings Affirms Liberty Property Trust's IDR At 'BBB'; Outlook Stable

(RTTNews) - Fitch Ratings said Monday that it has affirmed its 'BBB' Issuer Default Rating for Liberty Property Trust, Inc. (LPT) and its operating partnership, Liberty Property Limited Partnership.

The Rating Outlook is Stable.

Fitch said its ratings for Liberty reflect its appropriate leverage, fixed-charge coverage and unencumbered asset coverage of unsecured debt for a 'BBB' rated REIT with the company's asset profile. Moderate liquidity pressure, partly due to Liberty's growing but manageable development pipeline, and the persistent shortfall in the company's dividend coverage from adjusted funds from operations balance the ratings.

The Stable Outlook reflects Fitch's expectation that Liberty's credit metrics will remain consistent for the 'BBB' rating over the rating horizon.