Fitch lifts Rexford

Fitch Ratings said it upgraded the long-term issuer default ratings of Rexford Industrial Realty, Inc. (REXR) and its operating subsidiary, Rexford Industrial, LP, to BBB+ from BBB.

“The ratings consider REXR's regionally focused, infill Southern California (SoCal) industrial market concentration, transparent business model, with limited ground-up development or off-balance sheet joint ventures, sound credit metrics and improved scale and capital access.

“The company has solid financial flexibility, with minimal debt maturing until 2025 and good contingent liquidity from unencumbered properties. Balancing these credit strengths are REXR's geographic concentration and less-established access to the public unsecured-debt capital market,” Fitch said in a press release.

The agency said it anticipates REXR will keep its leverage within the 4x-4.5x target range through the forecast period.

The outlook is stable.

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