Fitch affirms Parkway Life

Fitch Ratings said it affirmed Parkway Life REIT's issuer default rating BBB.

The outlook is stable.

The ratings reflect adequate leverage and debt service coverage, a diverse debt maturity profile with a weighted average debt maturity period of 2.86 years and the financial flexibility afforded by P-REIT's unencumbered assets, according to the agency.

P-REIT's leverage, of net debt to recurring operating EBITDA, rose to 6.4x as of March 31 from 6.1x as of June 30, due to new debt raised in March for the acquisition of three Japanese properties, the agency noted.

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