Moody's may raise Simon Property

Moody's Investors Service said it placed the ratings of Simon Property Group on review for upgrade.

Ratings placed on review for upgrade include Simon Property Group LP's senior unsecured debt at Baa2, Simon Property Group Inc.'s preferred stock at Baa3, Corporate Property Investors' senior notes at Baa2 and CPG Partners LP's senior debt at Baa2.

Moody's said its action reflects the REIT's strong track record in integrating and realizing benefits from strategic portfolio acquisitions and sound earnings performance in its core retail property portfolio.

Moody's added that it believes that Simon will continue to be a successful consolidator and leader in the retail property industry - a sector where such leadership is of particular value. The regional mall sector in which Simon Property focuses has been a relatively stable performer compared to many other types of commercial property - particularly the better quality malls that earmark much of Simon Property's portfolio.

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