A modest financial profile with low leverage and above-average debt service coverage. Very high tenant quality with approximately 80% of the company's total annual rent attributable to U.S. federal government agencies. A small asset base and limited operating history as a public REIT. A high percentage of floating-rate debt and short average debt tenor. Inherent conflicts in Government Properties Income Trust's externally advised and managed operating structure. Standard&Poor's Ratings Services' ratings on Newton, Mass.-based Government Properties Income Trust (GOV) reflect the company's modest financial profile, characterized by very low leverage, above-average debt service and fixed-charge coverage, and our expectations for a substantially unencumbered property portfolio following the syndication of a proposed $400 million unsecured credit facility. However, the
