Moody's lifts First Capital, outlook stable

Moody's Investors Service said it upgraded the senior unsecured debenture ratings of First Capital Realty Inc. to Baa2 and revised the outlook to stable from positive.

The agency said the upgrade reflects First Capital's steady growth in its shopping center franchise throughout Canada's major markets.

The company has also improved its financial profile with key metrics such as secured debt, unencumbered assets and fixed charge coverage moving solidly into the mid-Baa range.

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