New York City-based Lexington Realty Trust is a midsize net lease REIT with approximately $4.5 billion in undepreciated real estate assets. Lexington has improved its credit metrics and unencumbered its balance sheet using asset sale proceeds. We are raising our corporate credit rating on Lexington to 'BBB-' from 'BB+'. We are also affirming our 'BBB-' issue-level rating on the company's unsecured debt. The stable rating outlook reflects our expectation for continued secured debt reduction via asset sales and stable cash flow from longer term industrial and land leases. On June 17, 2016, S&P Global Ratings raised its corporate credit rating on New York City-based Lexington Realty Trust to 'BBB-' from 'BB+'. The rating outlook is stable. At the same time,
