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Moody's upgrades Regency Centers
Moody's Investors Service said it upgraded the senior debt rating of Regency Centers LP to Baa1 from Baa2 and the preferred stock rating of the parent Regency Centers Corp. to Baa2 from Baa3. The outlook is stable.
The upgrade reflects Regency Centers' improved leverage and fixed charge coverage metrics based on reported GAAP financials and pro rata consolidated basis for joint venture investments, the agency said.
Moody’s said the ratings also reflect the REIT's good property portfolio, large unencumbered asset base and strong operating margins.
Mitigating these credit strengths are the REIT's significant exposure to joint ventures and lumpy debt maturity schedule, the agency said.
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