S&P: Tanger Factory Outlet unchanged

Standard & Poor's said its ratings on Tanger Factory Outlet Centers Inc. are not affected by the company's recent $50 million preferred stock issuance and its intent to issue $250 million senior unsecured notes.

Tanger Properties LP will issue the proposed notes with no guarantee from the REIT and this structure differs from that of Tanger's outstanding senior unsecured notes and credit facilities, the agency noted.

However, S&P said it believes a ratings distinction between the existing and proposed debt is not warranted because the guarantee currently provides no benefit.

Proceeds will fund Tanger's $282.5 million buyout of its partner's share of equity in a nine-center Charter Oak joint venture, S&P added.

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