Rexford Industrial (REXR) upgraded to 'BBB' by Fitch Ratings.
Fitch Ratings announced today that it has upgraded the senior ratings for Rexford Industrial Realty, Inc. (and operating subsidiary Rexford Industrial, LP) to 'BBB' from 'BBB-'. The rating outlook is stable.
The agency cited REXR's regionally focused business model with solid position in the Southern California industrial market, limited development and off-balance sheet JV exposure, and appropriate credit metrics for the rating category. REXR's unencumbered property pool and limited debt maturities through 2022 were additional credit positives. Geographic concentration and REXR's relatively small size were noted as negative rating factors.
The rating outlook is stable. Fitch expects REXR to maintain consistent credit metrics over the next two years with debt leverage in the 5-6x range and fixed-charge coverage of approximately 4x.