Hudson Pacific Properties (HPP) upgraded to Baa2 by Moody's.
Moody's announced today that it has upgraded the senior unsecured credit rating of Hudson Pacific Properties, Inc. (HPP) to Baa2 from Baa3. The rating outlook is stable. Moody's cited "the REIT's solid operating performance and well-positioned office portfolio in premier markets" as well as "robust leasing activity" as HPP captures improved rent levels on expiring leases. The agency also noted HPP's "good liquidity profile and conservative financial policies." Key credit challenges were said to be geographic and tenant industry concentrations, which result from HPP's focus on media-heavy submarkets on the West Coast.
Hudson Pacific Properties, Inc. (HPP) specializes in the ownership and development of Class-A office properties in Seattle, San Francisco, Los Angeles and Vancouver. As of June 30, 2019, HPP had a total market capitalization of approximately $8.4 billion.