Fitch affirms Parkway Life REIT

Fitch Ratings said it affirmed Parkway Life REIT's long-term issuer default rating at BBB and Parkway Life MTN Pte. Ltd.'s S$500 million multi-currency medium-term note program at BBB.

The outlook is stable.

The affirmations reflect the increased diversity of the company's asset base, Fitch said.

The ratings also are supported by adequate leverage and debt service coverage levels, a spread-out debt maturity profile with a weighted average debt maturity period of 4.37 years and the financial flexibility afforded by all its assets being unencumbered as of August 2010, the agency said.

The stable outlook reflects a view that the company will maintain fixed-charge coverage and leverage levels adequate for its rating in the next 12 months, Fitch said.

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