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Moody's upgrades Piedmont
Moody's Investors Service said it upgraded the issuer rating of Piedmont Operating Partnership, LP, a wholly owned subsidiary of Piedmont Office Realty Trust, Inc., to Baa2 from Baa3.
The outlook is stable.
The agency said the upgrade reflects the recent listing of the company's common stock on the New York Stock Exchange, which addressed the liquidity event the REIT was required to provide its stockholders under its charter. It also reflects Piedmont's consistent conservative leverage profile and Moody's expectation that the REIT will continue to operate similarly over the long term.
Mitigating these positive factors are Piedmont's high level of secured debt and geographic and asset concentration within its property portfolio, Moody's said.
The net debt-to-EBITDA ratio was 4.2 times at the end of 2009.
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