Fitch assigns BBB- to Brixmor

Fitch Ratings said it assigned an initial issuer default rating of BBB- to Brixmor Property Group, Inc. and its operating partnership Brixmor Operating Partnership, LP.

The outlook is stable.

Moody’s said the ratings reflect Brixmor's large and diverse portfolio of 522 shopping centers, strong, cycle-tested management team and fixed-charge coverage and unencumbered asset coverage of unsecured debt (UA/UD) that is appropriate for a BBB- rated REIT.

These positive rating elements are offset by elevated leverage and a modest near-term shortfall under Fitch's stressed liquidity analysis that assumes no incremental external capital raisings, the agency said.

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