Fitch rates DDR preferreds BB

Fitch Ratings said it assigned a BB rating to DDR Corp.'s perpetual preferred stock. The company has a BBB- long-term issuer default rating, and its credit facilities and senior notes are rated BBB-. The outlook is stable.

The agency said DDR's BBB- issuer default rating takes into account its credit strengths including refining the quality of its retail property portfolio, strong expected fixed charge coverage for the rating, a granular tenant roster and proven access to a number of capital sources.

Credit concerns include the frequency of leadership turnover and weak unencumbered asset coverage of net unsecured debt, Fitch said.

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