S&P affirms Piedmont Office

Standard & Poor's said it affirmed the BBB corporate credit rating assigned to Piedmont Office Realty Trust Inc.

The outlook is stable.

Ratings acknowledge the company's currently solid financial profile, its substantial, well-diversified portfolio of high-quality office properties and some seasoning of the internalization of management within the Piedmont entity in April 2007, according to the agency.

Piedmont has no exposure to new development, unlike many of its publicly traded REIT peers, S&P said.

Tempering these strengths are the fact that the company's operating cash flow after all dividends does not fully support tenant improvement and leasing commission expenditures, as well as some uncertainty about the future listing of the company's shares on a national exchange, the agency noted.

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