S&P downgrades Duke Realty

Standard & Poor's said it lowered its corporate credit and senior unsecured debt ratings on Duke Realty Corp. to BBB- from BBB.

The outlook was revised to stable from negative.

These actions affect about $3 billion in senior notes.

The ratings were lowered to reflect expectations that fixed-charge coverage will remain weak in the near term, particularly given the currently weak economic conditions, which could continue to pressure the company's operating performance and result in slower lease-up of recently developed properties, S&P said.

The company has improved its liquidity position following capital-raising activity in 2009, reduced its exposure to new development and has a well-diversified core portfolio, the agency said.

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