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S&P raises Tanger Properties from junk
Standard & Poor's said it raised its senior unsecured debt rating on Tanger Properties LP to BBB- from BB+.
Concurrently, the BBB- corporate credit rating is affirmed. The outlook is stable.
S&P said the upgrade of Tanger's senior unsecured debt is driven by the company's recent paydown of $77.4 million of mortgage debt, along with expectations for lower overall mortgage encumbrance levels going forward.
The agency said the affirmation of Tanger's corporate credit rating acknowledges the company's competitive position in the factory outlet center industry, which was bolstered by the acquisition of the nine-center Charter Oak portfolio.
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