Moody’s changes Hudson Pacific view

Moody’s Investors Service said it affirmed the senior unsecured Baa3 rating of Hudson Pacific Properties, LP.

The agency also affirmed the Baa3 issuer rating of the parent, Hudson Pacific Properties, Inc.

The outlooks were revised to positive from stable for both entities.

“Hudson Pacific's positive outlook reflects the likelihood of continued strong operating performance, supported by the strengthening of real estate fundamentals in the REIT's core West Coast office markets,” Moody’s said in a news release.

“The REIT has enjoyed steady leasing activity and solid rent growth with rents up 15.7% (on a cash basis) for 1Q18, driven by the expansion of media and tech companies in San Francisco and Los Angeles where the company is concentrated.”

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