Fitch assigns BBB+ to Regency notes

Fitch Ratings said it assigned a BBB+ credit rating to the senior unsecured notes due 2027 and 2047 issued by Regency Centers Corp.'s operating partnership Regency Centers, LP.

Fitch said it views the pending merger transaction between the company and Equity One, Inc. positively given the quality of Equity One’s portfolio, its geographic overlap with Regency’s in higher barrier to entry markets and the potential for the issuer to have improved access to debt and equity capital as the largest shopping center REIT.

“These positive elements are unlikely to result in a materially stronger credit at the onset but could over time as the pro forma leverage is largely consistent with Fitch's projections when it last upgraded Regency in August 2016,” the agency said in a news release.

“A key factor supporting further positive rating momentum is Regency’s demonstration of access to leading capital markets across the broader REIT universe.”

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