Fitch Ratings last week upgraded United Nations Development Corp. to A from A-minus, citing higher than forecast debt service coverage levels and long-term lease renewals by the U.N. The upgrade affects $124.2 million of outstanding bonds.

The report also cited as a strength the UNDC’s continuing ability to obtain terrorism insurance and recent and planned renovations. Credit risks include the absence of a lien on properties and the potential for the U.N. to assert sovereign immunity.

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