Fitch: Brixmor unaffected

Fitch Ratings said it does not anticipate changing its rating and/or outlook for Brixmor Property Group, Inc. and its operating subsidiaries Brixmor Operating Partnership, LP and Brixmor LLC following the Feb. 8 resignations of the company's chief executive officer, chief financial officer, chief accounting officer and another accounting executive.

The management changes follow a board investigation that concluded that specific company accounting and financial reporting personnel were selectively smoothing income items between reporting periods to show consistent quarterly same-store net operating income (SSNOI) growth.

Fitch said it views the disclosed restatements of the company's SSNOI growth as generally immaterial and the company's liquidity position remains adequate.

However, Brixmor's near-term borrowing costs could increase and access to capital could decrease. The agency could take an action if the company's capital access weakens materially and/or if the company discloses additional inaccuracies in in its financial reporting.

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