Moody’s revises Prologis to positive

Moody's Investors Service said it affirmed the Baa1 senior unsecured rating and Baa2 preferred stock ratings of Prologis, LP and Prologis, Inc., respectively.

The outlook was revised to positive from stable.

Moody’s said the positive outlook reflects Prologis' strong operating performance in the last five quarters with positive same-store NOI growth and solid rent growth across the portfolio. Record-high occupancy rates have also lifted net operating income, showing little signs of slowing moving into the second half of 2016.

In addition, Moody's noted that Prologis completed large capital transactions which helped de-lever its balance sheet post the KTR portfolio acquisition.

This, coupled with development projects that are expected to stabilize in the next 12 to 24 months should result in important enhancements to its key credit metrics, the agency said.

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