Moody's: Glimcher outlook negative

Moody's Investors Service said it revised the outlook for Glimcher Realty Trust to negative from stable and affirmed its B1 preferred stock.

The agency said the negative outlook reflects the deteriorating retail environment as well as the difficult capital markets, which will create uncertainty surrounding the refinancing of the issuer's 2009 and 2010 debt maturities.

Coupled with a balance sheet highly levered with secured debt and low fixed charge coverage, Glimcher's flexibility is increasingly limited, Moody's said.

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