Moody's lowers Weingarten

Moody's Investors Service said it downgraded the ratings on Weingarten Realty Investors (senior unsecured debt to Baa2, from Baa1) with a stable outlook.

The downgrade reflects a deterioration in credit metrics, such as increased leverage and secured debt, as well as weakening fixed charge coverage, which were incurred to fund the REIT's stepped up development pipeline, the agency said.

Moody's noted that the stable outlook reflects an experienced management team that has consistently added value to its portfolio, while maintaining good operating performance and high occupancy.

Moody's stated that the downgrade reflects continued weakness in the REIT's credit statistics relative to its ratings category and peer group.

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