Fitch affirms Simon Property

Fitch Ratings said it affirmed the BBB rating on $6.6 billion of senior unsecured notes issued by Simon Property Group Inc.'s operating partnership, Simon Property Group LP. Fitch also affirmed the BBB- rating assigned to Simon Property Group Inc.'s $677.4 million of preferred equity. The outlook is stable.

Fitch's said its ratings reflect the quality of Simon's assets and the relative revenue stability that these productive assets, generate. Fitch's ratings include pro forma analysis incorporating the assets and obligations of Chelsea Property Group and its operating partnership subsidiary, CPG Partners LP, which were acquired by Simon in October.

Furthermore, Fitch said its review included sensitivity analysis incorporating a variety of potential risks such as anchor and large tenant bankruptcies and asset and geographic concentration exposures.

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