Fitch Ratings has downgraded 25 preferred securities ratings among its rated U.S. real estate investment trusts following revisions to its global rating criteria for hybrid securities. The downgrades are one notch from current levels for the affected REITs. The issuer default ratings and senior debt ratings for each of these REITs are unaffected. The new criteria apply to hybrid instruments issued by companies in all sectors including banks, insurers, nonbank financial institutions and all nonfinancial corporate entities. The new criteria also provide guidance on how Fitch will rate and notch hybrid securities at different stages in the "life cycle" of an instrument.
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