Fitch: DDR preferreds at BB-

Fitch Ratings said it assigned a BB- rating to the $200 million 6.5% class J cumulative redeemable preferred stock issued by DDR Corp.

The agency said that DDR expects to use the net proceeds from the offering to redeem its 7.5% class I cumulative redeemable preferred stock and for other general corporate purposes, which may include payment of the redemption price of a portion of DDR's 7.375% class H cumulative redeemable preferred shares.

Current DDR ratings are as follows: issuer default rating BB+; $815 million unsecured revolving credit facilities BB+; $250 million unsecured term loans BB+; $1.6 billion senior unsecured notes BB+; $310.2 million senior unsecured convertible notes BB+; and $375 million preferred stock BB-.

The outlook is stable.

The BB+ issuer default rating reflects sustained improving fundamentals across DDR's retail property portfolio and a largely prime asset base that exhibits a manageable lease expiration schedule and a granular tenant roster.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.