STAG Industrial Announces Credit Rating Upgrade To BBB From Fitch Ratings
BOSTON, May 4, 2015 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG), a real estate investment trust (REIT) focused on the acquisition and operation of single-tenant, industrial properties throughout the United States, today announced that Fitch Ratings has raised the company's corporate credit rating to BBB with a stable outlook from BBB- with a positive outlook.
Fitch's report cites the Company's credit strengths, which include strong leverage and strong fixed charge coverage metrics, excellent liquidity, a sizable unencumbered asset pool and improving access to unsecured debt capital as rationale for the upgrade.
"Fitch's upgrade validates the work we have done and the Company's commitment to maintaining a conservative balance sheet with excellent liquidity as we continue to grow," said Ben Butcher, Chief Executive Officer of the Company. "Going forward, we believe that the upgrade will allow us to improve our cost of debt and gain access to a broader base of debt investors and products."
In addition Fitch upgraded the Company's preferred stock from 'BB' to 'BB+' and upgraded the ratings on the Company's operating partnership, senior unsecured revolving credit facility, senior unsecured notes, and senior unsecured term loans from 'BBB-' to 'BBB'.
The Fitch press release can be see here: http://www.stagindustrial.com/About/News.aspx
About STAG Industrial, Inc.
STAG Industrial, Inc. is a real estate investment trust (REIT) focused on the acquisition and operation of single-tenant, industrial properties throughout the United States. The Company's portfolio consists of 257 properties in 36 states with approximately 49 million rentable square feet.
For additional information, please visit the Company's website at www.stagindustrial.com.
Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "will," "expect," "intend," "anticipate," "estimate," "should," "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in the Company's annual report on Form 10-K for the year ended December 31, 2014 as updated by the Company's quarterly reports on Form 10-Q. Accordingly, there is no assurance that the Company's expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
SOURCE STAG Industrial, Inc.
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