Fitch Ratings affirmed STAG Industrial, Inc.'s Long-Term Issuer Default Ratings (IDRs) at 'BBB' with a Stable Outlook on May 22, 2025. This affirmation reflects the company's consistent credit strengths and stable operational performance.
Fitch cited STAG's appropriate leverage and fixed-charge coverage metrics, a geographically diverse portfolio, and an adequate unencumbered asset pool as key credit strengths. The company has also demonstrated consistent access to the unsecured private placement market and bank debt.
The affirmation indicates Fitch's view that STAG's long-term rental income risk profile remains relatively unchanged, supported by healthy e-commerce tenant demand and supply-chain reconfiguration. STAG's leverage is projected to remain within its stated long-term operating band of 5.0x-5.5x.
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