Fitch affirms Duke Realty

Fitch Ratings said it affirmed Duke Realty Corp.'s issuer default rating of BBB, along with its $850 million unsecured line of credit at BBB, $2.85 billion senior unsecured notes at BBB and $259.4 million senior unsecured exchangeable notes at BBB.

The agency also affirmed Duke Realty LP's issuer default rating at BBB, $850 million unsecured line of credit at BBB, $2.85 billion senior unsecured notes at BBB and $259.4 million senior unsecured exchangeable notes at BBB.

The outlook is negative.

The ratings reflect the company's moderate leverage, large and diversified pool of industrial and office properties, diversified tenant mix and limited development risk, Fitch said.

Balancing these strengths are continued weaknesses in the company's operating markets and fixed charge coverage that is low for the ratings, the agency said.

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