Fitch assigns RPT Realty BBB-

Fitch Ratings said it assigned first-time ratings to RPT Realty (RPT) and RPT Realty, LP, including a long-term issuer default rating of BBB-. Fitch assigned BBB- ratings to RPT Realty, LP's senior unsecured revolving credit facility, senior unsecured term loans and senior unsecured notes, and BB ratings to RPT Realty's preferred stock.

“The ratings reflect the company's power center portfolio and underlying tenancy that has performed well through the pandemic to-date. RPT's portfolio has performed better than the shopping center REIT peer average in terms of lost occupancy and has collected billed rent at a rate in line with peer average, despite greater exposure to secondary markets and moderately below-average portfolio demographics, including household incomes and population densities,” Fitch said in a press release.

The outlook is stable.

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