Fitch rates EastGroup subsidiary BBB

Fitch Ratings said it affirmed EastGroup Properties Inc.'s long-term issuer default rating at BBB, unsecured revolving credit facility at BBB and unsecured term loans at BBB.

The agency also assigned a long-term issuer default rating of BBB to its operating partnership, EastGroup Properties, LP.

The outlook is stable.

The ratings reflect EastGroup's credit strengths, including its granular tenant base, modest business risk and appropriate fixed-charge coverage ratio, Fitch said.

Offsetting these strengths is the company's relatively high leverage for the rating, along with the sizable near-term lease maturities and relatively small size, the agency said.

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