The issuer default rating of Duke Realty Corp. has been downgraded from BBB-plus to BBB by Fitch Ratings due to a "sustained increase" in the company's leverage ratios. In addition, Duke's preferred shares have been downgraded from BBB to BBB-minus, and the ratings of Duke's operating partnership, Duke Realty LP, have been downgraded from BBB-plus to BBB. Fitch said it is especially concerned about "the deterioration of Duke's ratio of undepreciated unencumbered assets to unsecured debt in recent periods." Duke can be found on the Web at http://www.dukerealty.com.
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