Fitch assigns Piedmont Office Realty Trust with ‘BBB-’ rating

Fitch Ratings assigned office REIT Piedmont Office Realty Trust and its subsidiary with a long-term issuer default rating (IDR) of ‘BBB-’ with a stable outlook on 6 February 2025.

The rating extends to the REIT’s senior unsecured notes, term loans, and revolving credit facility.

The assessment reflects the REIT’s geographically diverse portfolio, low tenant concentration, and strategic upgrades to high-quality office assets, though elevated leverage and weaker unencumbered asset coverage temper strengths, said Fitch.