Moody’s Upgrades Phillips Edison & Company’s Rating Outlook to ‘Positive’ from ‘Stable’
CINCINNATI, March 11, 2024 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO”), one of the nation’s largest owners and operators of grocery-anchored neighborhood shopping centers, today announced that Moody's Ratings ("Moody's") revised its rating outlook for PECO to ‘Positive’ from ‘Stable’ and affirmed the Company’s ratings, including the ‘Baa3’ Issuer Credit Rating.
- CINCINNATI, March 11, 2024 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO”), one of the nation’s largest owners and operators of grocery-anchored neighborhood shopping centers, today announced that Moody's Ratings ("Moody's") revised its rating outlook for PECO to ‘Positive’ from ‘Stable’ and affirmed the Company’s ratings, including the ‘Baa3’ Issuer Credit Rating.
- In its public announcement, Moody’s stated: “PECO’s ratings reflect its high-quality portfolio of open-air neighborhood and community shopping centers, the resilient operating cash flows generated by its grocery-anchored centers, moderate leverage metrics, sound fixed charge coverage and good liquidity.”
In addition, Moody’s stated: “Moody’s expects PECO to continue reporting good operating performance over the next few quarters despite the slowing macroeconomic environment because of its portfolio mix. - The high proportion of grocery-anchored shopping centers, 97.2% of PECO’s rental revenue in 2023, and the large share of the top grocers in its tenant mix have resulted in consistently high portfolio lease rates and strong tenant retention.”
As previously announced, S&P Global Ratings revised in January 2024 its rating outlook for PECO to ‘Positive’ from ‘Stable’ and affirmed the Company’s ratings, including the ‘BBB-’ Issuer Credit Rating.