Fitch rates Rexford loans BBB-

Fitch Ratings said it assigned an initial issuer default rating of BBB- to Rexford Industrial Realty, Inc., along with its operating partnership, Rexford Industrial Realty, LP.

The agency also assigned a BBB- rating to Rexford Industrial Realty, LP’s $200 million unsecured revolving credit facility and BBB- rating on its $100 million unsecured term loan.

The outlook is stable.

The ratings take into account the company’s credit strengths, which include a diversified tenant mix across the company’s southern California-focused industrial property portfolio, strong liquidity position, solid fixed-charge coverage and limited development risk, Fitch said.

Balancing these strengths for Rexford is its limited track record as a public company, unproven access to some forms of capital and concentrated lease-maturity and debt-maturity schedules, the agency said.

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