DBRS moves Allied Properties trend to stable

DBRS said it confirmed Allied Properties Real Estate Investment Trust’s issuer rating and senior unsecured debentures rating at BBB and changed the trends to stable from positive.

“The change to stable trends reflects DBRS Morningstar’s assessment of deterioration in Allied’s financial risk metrics relative to expectations since its rating action on Dec. 4, 2019. DBRS Morningstar’s current expectation for total debt-to-EBITDA is for further deterioration on an interim basis to more than 9.5 times (x) by YE2021 from 9x last 12 months ended Sept. 30, 2020, before returning to approximately 9x by YE2022,” DBRS said in a press release.

The agency said it forecasts EBITDA interest coverage to remain at about 3x through 2022.

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