Fitch rates American Assets bond BBB

Fitch Ratings said it assigned a BBB rating to American Assets Trust, LP’s inaugural public senior unsecured bond. The outlook is stable.

The trust’s rating and outlook reflect Fitch’s expectation it will sustain metrics appropriate for the rating, including leverage (net debt to recurring operating EBITDA) below 6.5x and fixed charge coverage exceeding 2x, even under conditions that strain operational performance, the agency said.

AAT is expected to use the proceeds to repay its $150 million 2021 series A private placement, the $100 million outstanding on its $350 million revolving credit facility, fund the development of La Jolla Commons III, and for general corporate purposes.

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