Fitch affirms Mack-Cali

Fitch Ratings said it affirmed Mack-Cali Realty Corp.'s issuer default rating at BBB as well as Mack-Cali Realty, LP's issuer default rating, revolving credit facility and senior notes at BBB.

The BB+ preferred stock rating was withdrawn because the company has called all of its preferreds for redemption.

The outlook is stable.

Fitch said the affirmations reflect the strength of Mack-Cali's credit metrics supported by a solid liquidity position and granular tenant base.

Credit concerns include the lack of geographic diversification and exposure to markets with weak fundamentals, most notably including the suburban office market, the agency said.

Mack-Cali's net debt-to-recurring operating EBITDA ratio was 4.6 times as of Sept. 30.

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