S&P rates Simon Property notes BBB+

Standard & Poor's said it assigned its BBB+ rating to Simon Property Group Inc.'s recently issued $400 million senior notes due 2010 and $600 million senior notes due 2015. The agency also said it affirmed ratings on roughly $6.5 billion of existing senior notes at BBB+.

The outlook is stable.

S&P said the ratings acknowledge Simon's strong operating performance, led by continued growth and stable occupancy in the regional mall and premium outlet center businesses, and high quality, geographically diverse portfolio.

However, the agency said these strengths are tempered by a moderately leveraged balance sheet.

Proceeds from the offering will be used to refinance existing debt, S&P added.

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