Moody's downgrades Mack-Cali

Moody's Investors Service said it downgraded Mack-Cali Realty, LP's senior unsecured debt rating to Ba2 from Ba1 following a meaningful decline in the REIT's recurring income stream.

Moody's also said it downgraded Mack-Cali Realty's senior unsecured shelf rating to provisional Ba2 from provisional Ba1 and subordinated debt shelf rating to provisional Ba3 from provisional Ba2.

Mack-Cali Realty Corp.'s preferred stock shelf rating also was downgraded to provisional B1 from provisional Ba3.

Moody's also said it assigned a Ba2 corporate family rating to Mack-Cali Realty with a speculative grade liquidity rating of SGL-3.

The company's elevated leverage metrics, weak coverage ratio, limited financial flexibility and substantial near term capital needs are key credit considerations, Moody's said.

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