Business
Phillips Edison & Company Upgraded by Moody’s to ‘Baa2’ with Stable Outlook
CINCINNATI, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners
About this update from Phillips Edison & Company, Inc.
[{"type":"text","content":"CINCINNATI, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, today announced that Moody's Ratings (\"Moody's\") upgraded its issuer credit rating for PECO and the Company’s operating partnership, Phillips Edison Grocery Center Operating Partnership I L.P., to ‘Baa2’ from ‘Baa3’, with a stable outlook. In its public announcement, Moody’s noted: “PECO's Baa2 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.” Moody’s added: “PECO's portfolio lease rate has been consistently high, averaging 97.5% in the last four quarters, and leasing spreads averaged a solid 28% in the same period. We expect that PECO will continue to report good operating performance over the next few quarters despite the slowing macroeconomic environment because of its portfolio mix. The stable outlook reflects our expectation that PECO's operating performance and financial metrics including net debt to EBITDA and fixed charge coverage will remain strong despite the slowing macroeconomic environment.” Jeff Edison, Chairman and Chief Executive Officer of PECO stated: “The PECO team is pleased with the recent upgrades from both Moody’s and S&P, which speak to the continued strength of our operating performance. The PECO team is well positioned to continue to deliver strong earnings growth, market-leading operating metrics and long-term value creation.” Connect with PECOFor additional information, please visit https://www.phillipsedison.com/ Follow PECO on:Twitter at https://twitter.com/PhillipsEdison Facebook at https://www.facebook.com/phillipsedison.co Instagram at https://www.instagram.com/phillips.edison/; andFind PECO on LinkedIn at https://www.linkedin.com/company/phillipsedison&company About Phillips Edison & CompanyPhillips Edison & Company, Inc. (“PECO”) is one of the nation’s largest owners and operators of grocery-anchored neighborhood shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of wel...