S&P rates DDR notes BBB-

Standard & Poor’s said it assigned its BBB- issue-level rating to DDR Corp.’s $500 million senior unsecured notes due 2025.

The company plans to use offering proceeds to repay $350 million of its term loan, and if available, the remainder to repay amounts outstanding under its $750 million unsecured revolving credit facility and for general corporate purposes.

“Our current outlook reflects our expectation that stable demand and tight supply for retail space will continue to drive strong operating performance,” S&P said in a news release. “We believe credit measures will continue to improve at a slow and steady pace.”

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