The Fitch Ratings REITs Group rates the unsecured debt obligations, preferred stock, and unsecured bank facilities of Real Estate Investment Trusts (REITs) and other real estate operating companies. The group's analytical approach towards REITs incorporates a top-down review of a company's organizational structure, management expertise, investment and operating strategies, access to capital, and capital structure, as well as a bottom-up review of asset quality, diversification measures, and property market outlooks. The REITs Group combines the real estate expertise of Fitch's Commercial Mortgage-Backed Securities (CMBS) Group with the corporate finance skills and capital markets knowledge of Fitch's Financial Institutions Group. This joint effort between groups has allowed the REITs Group to combine thorough underwriting guidelines for real estate assets with a diligent review of the corporate finance aspects of credit, including assessment of management, operating philosophy, and financing plan.
Coverage
Fitch REITs covers the large majority of REIT unsecured debt issuers, with in-depth coverage of the following sectors:
> Healthcare
> Industrial
> Multi-family
> Office
> Retail
> Self Storage
