Fitch Ratings has assigned initial credit ratings to Forest City Enterprises as follows: Issuer Default Rating 'BB-'; Bank revolving credit facility 'BB-'; Senior unsecured notes 'BB-'; Convertible senior unsecured notes 'BB-'. The rating outlook is stable. The 'BB-' IDR centers on FCE's high leverage and lack of unencumbered assets. FCE's corporate financing strategy emphasizes secured debt to isolate refinancing and operating risks to individual properties as opposed to the general corporate credit and equity holders. Credit strengths include the quality of FCE's portfolio, strong relative operating performance, adequate fixed charge coverage, manageable debt maturity schedule and sufficient internal liquidity.