Fitch ups Duke Realty, rates loan BBB

Fitch Ratings said it upgraded the credit ratings of Duke Realty Corp.'s issuer default rating to BBB from BBB- and preferred stock rating to BB+ from BB.

The agency also upgraded operating partnership Duke Realty LP's issuer default rating to BBB from BBB-, senior unsecured line of credit to BBB from BBB- and senior unsecured notes to BBB from BBB-.

Fitch also assigned a BBB rating to the company's $250 million senior unsecured term loan.

The ratings take into account Duke's large pool of diversified industrial, office and medical office properties, strong access to various forms of capital, and adequate unencumbered asset coverage of unsecured debt, the agency said. These credit strengths are tempered by a modest pro forma liquidity surplus over the next several years and execution risk tied to asset sales in the near term.

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