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 company's asset base, which consists of 55 office buildings leased primarily to government tenants, is small compared with those of other rated REITs, which contributes to our view that GOV's business risk profile is fair. In addition, although its tenant credit quality is high, GOV's exclusive focus on government-leased buildings could limit its growth opportunities and access to equity capital over the longer term. As a result,
