Moody's expects the four South African real estate investment trusts (Reits) it provides credit ratings for to weather the country's low economic growth and other problems. Moody's rates Growthpoint as Baa2 and Redefine, Fortress and Hyprop as Baa3. It said in a note on Thursday it expected their performance "to remain resilient, thanks to quality properties in prime locations, broad sector/tenant diversification and offshore property exposures". Fortress's leverage ratio (adjusted gross debt/gross assets) of 24% is the strongest for its rating, followed by Growthpoint's at 33%. Liquidity positions are well managed, with good access to equity and debt capital markets, the report said.