Fitch Rates Boston Properties' $700MM Senior Unsecured Notes 'BBB'; Outlook Stable

Fitch Ratings has assigned a 'BBB' rating to the new $700 million 5.875% senior notes due Oct. 15, 2019 issued by Boston Properties Limited Partnership. Boston Properties Limited Partnership is the operating partnership of Boston Properties (NYSE: BXP). The Rating Outlook is Stable.

Proceeds from the offering will be used for general corporate purposes, which may include investment opportunities and debt reduction.

The ratings are supported by a high quality portfolio of assets, strong liquidity position, solid debt service coverage ratios, manageable lease expiration schedule, and long management track record. Credit concerns include a fairly concentrated operational footprint, asset concentration risk, some exposure to large tenants with weak credit and/or weak business prospects, and challenging operating conditions.

Additional information is available at www.fitchratings.com.

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