S&P upgrades Tanger

Standard & Poor's said it raised the corporate credit rating on Tanger Factory Outlet Centers Inc. and its Tanger Properties LP subsidiary to BBB+ from BBB.

The outlook is stable.

The agency also said it raised the senior unsecured debt rating to BBB+ from BBB.

The upgrade reflects the company's very stable operating performance, including through the recent downturn, which is expected to continue over the next two years, S&P said.

It also considers the company's prudent pursuit of growth, which has modestly improved portfolio size and diversity while maintaining a conservative balance sheet, the agency said.

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