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Fitch cuts Washington Prime
Fitch Ratings said it downgraded the ratings of Washington Prime Group, Inc. and its operating partnership, Washington Prime Group, LP, including the long-term issuer default rating, to CCC+ from B.
Fitch also downgraded Washington Prime Group's senior unsecured rating to B-/RR3 from BB-/RR2.
The outlook is negative.
“The deterioration of the operating performance of WPG's mall assets and its capital access has severely limited the company's ability to navigate coronavirus-related retailer tenant stress,” the agency said in a news release.
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