...Stable Rating Outlook: Fitch Ratings is maintaining its stable outlook for the U.S. equity REIT sector for the remainder of 2014, given expectations of continued solid liquidity driven by good access to capital, moderately improving property-level fundamentals across most asset classes and lower-risk strategies. These positive elements are offset by expectations of high, albeit relatively unchanged, leverage; a continued, slow economic recovery; and concerns regarding an increase in interest rates. Recent Upgrades Idiosyncratic: Since the beginning of 2010, 16% of rating actions have been upgrades, 7% downgrades and 77% affirmations. Upgrades have generally been driven by issuer-specific circumstances, such as deleveraging efforts or improved access to capital, and do not reflect broader trends within the sector. Good Access to Capital: Fitch expects issuers will continue to have access to low all-in-cost secured and unsecured debt, and opportunistically access the equity markets to fund...
