Fitch: Liberty Property Trust's Conservative Leverage Levels Support Ratings

NEW YORK--(Business Wire)--
Liberty Property Trust's (Liberty) leverage, risk-adjusted capital
and unencumbered asset coverage ratios remain at levels commensurate
with a 'BBB+' Issuer Default Rating (IDR), but are balanced by
Liberty's weakening coverage ratios, according to the latest credit
analysis update by Fitch Ratings.

Fitch affirmed Liberty's 'BBB+' IDR on March 12 with a Stable
Outlook.

Fitch's current Issuer Default Ratings (IDR) for Liberty are as
follows:

Liberty Property Trust

--IDR 'BBB+'.

Liberty Property Limited Partnership

--IDR 'BBB+'.

Primary credit strengths include the following:

--Solid unencumbered asset coverage;

--Manageable debt maturity and lease expiration schedules;

--Conservative leverage and adequate risk-adjusted capitalization;
and

--Solid, albeit weakening, same-store operating performance

Primary credit concerns include the following:

--Adjusted funds from operations payout ratio in excess of 100%;

--Declining trend in coverage ratios;

--Concentration of net rental income from Pennsylvania / New
Jersey region; and

--Lease-up risk from development pipeline.

Fitch's latest credit analysis update on Liberty, which was
published on April 15, provides more detail supporting Fitch's
ratings, and is available on the Fitch Ratings web site at
www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from this
site, at all times. Fitch's code of conduct, confidentiality,
conflicts of interest, affiliate firewall, compliance and other
relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings, New York
Steven Marks, 212-908-9161
Janice Svec, 212-908-0304
or
Media Relations:
Sandro Scenga, 212-908-0278

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