Fitch Ratings said Wednesday that it has upgraded DDR Corp.'s (DDR) Issuer Default Rating to 'BBB-' from 'BB+'.
The Rating Outlook has been revised to Stable from Positive. Fitch said the upgrade of DDR's IDR to 'BBB-' reflects that pro forma for the $1.46 billion acquisition of a portfolio of power centers from the company's joint venture with Blackstone Real Estate Partners VII, DDR's recurring cash flow will remain in excess of fixed-charges at a level consistent with an investment-grade rating.
The upgrade also takes into account a management team continually focused on improving credit metrics, as well as good liquidity and strong access to capital, the rating agency said.
Pro forma leverage is high relative to the REIT universe, though expected to be within a range reflective of a 'BBB-' rating given DDR's good portfolio quality. Further, the company continues to grow the unencumbered pool and improve financial flexibility.
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