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Fitch: Duke Realty outlook negative
Fitch Ratings said it affirmed Duke Realty Corp.'s issuer default rating at BBB and $876.2 million preferred stock at BBB-, and Duke Realty LP's issuer default rating, $2.6 billion senior unsecured notes, $725 million senior unsecured exchangeable notes and $1.3 billion unsecured line of credit at BBB.
The outlook was revised to negative from stable.
Fitch said the affirmations reflect the company's consistent operating performance in a very challenging environment for industrial and office real estate.
The affirmations also consider the prudent steps that management has recently taken in response to extraordinary market conditions, according to the agency.
The outlook also reflects Duke's leverage ratios, which remain high for the BBB rating level, the agency said.
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