A bond-research agency upgraded its rating of Highwoods Properties after the Raleigh-based real estate developer secured a $400 million credit line.
The upgrade from Moody's Investors Service reflects Highwoods' "solid liquidity profile and improved asset quality." Moody's boosted its rating to "Baa3" from "Ba1."
"Highwoods' high quality property portfolio should help Highwoods weather what is expected to be a protracted downcycle for the office market," Moody's analysts wrote.
Highwoods is one of the Southeast's largest office landlords, with about 35.4 million square feet of property. The real-estate investment trust worked with 12 banks on its new credit line, which replaces one that was scheduled to mature in May.
The new credit facility "strengthens our ability to capitalize on strategic acquisitions and build-to-suit development opportunities that enhance long-term value for our shareholders," Highwoods CEO Ed Fritsch said in a prepared statement.
The company's shares rose 79 cents to close at $33.65 today, and are up 30 percent in the past year.
