investment trusts because of increased leverage and risk, reduced financial flexibility, and peaking property markets.

Though it does not expect widespread downgradings, the New York rating agency said in a recent report that it expects more downgradings than upgradings. Most of the REITs that Moody's tracks have ratings of Baa, the low end of the investment-grade range.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.