Fitch: Washington Prime view to negative

Fitch Ratings said it affirmed the ratings of Washington Prime Group, Inc. and its operating partnership, Washington Prime Group LP at BBB-.

The outlook was revised to negative from stable.

Fitch said the negative outlook reflects its view that Washington Prime has weaker access to capital (secured and unsecured debt and equity) than most other investment grade REITs.

“However, Fitch views positively the company's more recent access to the unsecured bond market to extend debt maturities,” the agency said in a news release.

“Market sentiment across most capital providers for B malls generally has eroded given the challenges to ascertaining the long-term productivity and financeability of this asset class.”

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