Moody's affirms Prime Property

Moody's Investors Service said it affirmed Prime Property Fund's Baa2 senior debt rating and revised the outlook to stable from negative.

The affirmation reflects adequate liquidity position, improved credit metrics and relatively sound operating performance, according to the agency said.

Prime's high-quality, well-diversified property portfolio remains a key credit strength, as the diversity and quality of its assets has helped it to sustain relatively stable cash flows throughout this cyclical downturn, the agency said.

These credit strengths are offset by Prime's relatively high secured debt levels and its private structure as well as relatively weak net debt-to-EBITDA ratio, the agency said.

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