Fitch gives Developers notes BB

Fitch Ratings said it assigned a BB rating to the $300 million par value of 7.875% senior unsecured notes due September 2020 issued by Developers Diversified Realty Corp.

Net proceeds from the offering, which was priced at 99.139% of principal amount to yield 8%, are expected to be used to repay existing debt, the agency said, adding that Developers' issuer default rating is BB and the outlook is stable.

Fitch said that Developers' credit strengths include increased stabilization of the company's retail property portfolio, the company's demonstrated access to capital, a large pool of unencumbered assets, limited development risk and geographically diverse portfolio with a varied tenant roster.

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