The ratings of Healthcare Realty Trust Inc.'s senior unsecured notes and preferred stock have been affirmed and placed on Rating Watch Negative by Fitch Ratings.The debt rating was affirmed at BBB and the preferred stock rating was affirmed at BBB-minus. Fitch attributed the watchlist placement to the company's delay in filing its 2004 Form 10-K and first-quarter 2005 Form 10-Q. The delays stem from an accounting matter raised in March 2005 by KPMG LLP, which was the company's auditor at the time, the rating agency noted. "According to the company, following delays by KPMG LLP in completing the audit, HR's audit committee dismissed KPMG and commenced a process to engage a new auditor," Fitch said. ".... Fitch recognizes the recent announcement by the company regarding a new auditor [BDO Seidman LLP] as a step in the right direction but believes there is some execution risk in the timely completion of the 2004 audit." Fitch can be found online at http://www.fitchratings.com.
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