Moody’s cuts Mack-Cali view to negative

Moody's Investors Service said it affirmed Mack-Cali Realty, LP's Baa3 senior unsecured debt, provisional Baa3 senior unsecured shelf and provisional Ba1 senior subordinated shelf ratings.

In the same action, the agency affirmed the preferred stock shelf rating of Mack-Cali Realty Corp., the parent company of Mack-Cali Realty, at provisional Ba1 and revised the outlook to negative from stable.

Moody’s said the negative outlook reflects the REIT's modest liquidity position relative to its meaningful debt maturities and large development spend. The outlook also takes into consideration the sustained high net debt to EBITDA coupled with an expected secured debt level increase and its material upcoming lease expirations.

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