Fitch affirms Brandywine Realty

Fitch Ratings said it affirmed the BB+ issuer default ratings of Brandywine Realty Trust and its subsidiary Brandywine Operating Partnership, LP.

The outlook is stable.

The affirmation reflects the company's credit strengths, including its manageable debt maturity and lease expiration schedules, granular tenant base and the company's maintenance of leverage and coverage ratios appropriate for the rating category, despite the weak operating environment, according to the agency.

Brandywine's net debt divided by recurring operating EBITDA was 7.7 times for the trailing 12 months ended June 30, compared with 7.6x and 8.1x during 2009 and 2008, respectively.

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