Fitch Ratings lowered its 2009 outlook for some sectors of the REIT market from stable to negative. The firm noted the recession, softening property fundamentals and weakened liquidity. "REITs are in a difficult debt refinancing environment that will lead to worsening fixed charge coverage ratios, more challenged liquidity profiles and softening unencumbered asset coverage metrics," said Steven Marks, managing director and head of the U.S. REIT group at Fitch. Fitch retained
stable ratings for the multifamily and health care sectors.