Moody's upgrades DDR

Moody's Investors Service said it raised DDR Corp.'s senior unsecured rating to Baa2 from Baa3; preferred stock rating to Baa3 from Ba1; senior debt shelf rating to provisional Baa2 from provisional Baa3; subordinate debt shelf rating to provisional Baa3 from provisional Ba1; and preferred stock shelf rating to provisional Baa3 provisional Ba1.

The outlook was revised to stable from positive.

Moody's said the rating reflects the company's proven track record in adding value to its diverse retail portfolio and its focus on open air community retail shopping centers, many of which have big box and supercenter tenants.

DDR has a high quality property portfolio, with long-standing anchor tenant relationships, high occupancy levels and well-maintained assets, the agency added.

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