Moody's upgrades Simon Property

Moody's Investors Service said it upgraded Simon Property Group, LP's senior unsecured debt to A3 from Baa1 and senior unsecured debt shelf to prospective A3 from prospective Baa1 and Simon Property Group, Inc.'s preferred stock to Baa1 from Baa2.

The outlook is stable.

The agency said the upgrade reflects the REIT's strong market leadership in U.S. regional malls, sound and consistent track record in integrating and realizing benefits from strategic acquisitions and stable earnings in its core retail property portfolio. Moody's believes that Simon will continue to be a successful consolidator and the premier firm in the retail property industry - a sector where such leadership is of particular value.

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