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Fitch: Mack-Cali notes BBB
Fitch Ratings said it assigned a BBB rating to the $250 million 2.5% senior notes due 2017 issued by Mack-Cali Realty LP, the operating partnership of Mack-Cali Realty Corp.
The notes were issued at 99.409% of par to yield 2.625%.
The proceeds are expected to be used to repay amounts outstanding on the revolving line of credit and for general corporate purposes.
Mack-Cali Realty Corp. has an issuer default rating of BBB and Mack-Cali Realty, LP has an issuer default rating of BBB, unsecured revolving credit facility rating of BBB and senior unsecured notes rating of BBB.
The outlook is stable.
The ratings reflect Mack-Cali's strong fixed-charge coverage, lower leverage and granular tenant base, Fitch said.
Credit concerns include the lack of geographic diversification, exposure to markets with weak fundamentals and the potential to overreach through the recent expansion into the multi-family sector, the agency said.
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