Fitch rates New Plan Excel

Fitch Ratings said it has initiated coverage of New Plan Excel Realty Trust Inc. by assigning a BBB+ rating to the outstanding $1.05 billion of senior unsecured notes as well as a BBB rating to the company's series D and E preferred stock.

The outlook is stable.

Fitch said its ratings of New Plan Excel Realty Trust Inc. reflect a well-diversified portfolio of necessity based retail shopping centers, the stable earnings generated by these centers and the company's strong unencumbered net operating income coverage of total unsecured interest expense of 3.6 times.

New Plan's strategy of acquiring and retaining stabilized assets minimizes exposure to development risk, reduces leasing risk and capitalizes on the recurring earnings generated by seasoned assets. Fitch also acknowledges the experience and capability of New Plan's senior and regional management teams.

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