Moody's Investors Service has upgraded W. P. Carey's senior unsecured debt and issuer ratings from Baa2 with a positive outlook, to Baa1 with a stable outlook. In the same action, the senior unsecured debt rating of its European affiliate, WPC Eurobond B.V., was upgraded from Baa2 with a positive outlook, to Baa1 with a stable outlook.

In support of its upgrade, Moody's cited numerous positive attributes of the company, including W. P. Carey's large and diversified net lease portfolio, prudent approach to capital management, strong fixed charge coverage and its healthy liquidity position.

Moody's also highlighted W. P. Carey's portfolio mix, with the majority of revenues generated from industrial, warehouse and self-storage properties, and in the current inflationary environment, having contractual rent escalators covering almost the entire portfolio, the vast majority of which are CPI-linked or fixed, was identified as an important credit strength. Furthermore, Moody's cites the company's moderate and stable leverage metrics, consistent with its prudent capital strategy and reflecting its proven access to multiple sources of capital.