Brixmor Property Gets Investment Grade Rating From S&P, Fitch

(RTTNews) - Brixmor Property Group Inc. (BRX) said Tuesday that Standard & Poor's Ratings Services has assigned a BBB- corporate credit rating to the company and its operating subsidiary Brixmor Operating Partnership L.P.

Brixmor Property Group also said Fitch Ratings has assigned the company and its operating subsidiary Brixmor Operating Partnership, L.P. an initial Issuer Default Rating of BBB-.

Standard & Poor's indicated that the rating reflects Brixmor's sizable, geographically diverse and predominantly grocery-anchored community and neighborhood shopping centers; favorable turnover of cycle trough leases in its portfolio; and moderate leverage profile with adequate fixed charge and total dividend coverage.

Fitch Ratings indicated that the rating reflects Brixmor's large and diverse portfolio; solid internal growth with above average same property NOI growth; growing unencumbered pool; and improving fixed-charge coverage.