Moody's lowers Tanger

Moody's Investors Service said it affirmed Tanger Properties LP's senior unsecured rating at Baa1.

The outlook also was revised to negative from stable.

The agency also affirmed the preferred shelf rating at provisional Baa2 on Tanger Factory Outlet Centers, Inc., along with the provisional Baa2 on its preferred non-cum shelf issuance.

The ratings reflect Tanger's weakening operating performance as it continues to face pressure from recent tenant bankruptcies, store closures and brand-wide retailer restructurings, Moody's said.

Despite the REIT's sufficient liquidity position and coverage ratios, the company's operating results over the last 12 months are not commensurate with Baa1 ratings, the agency explained.

The negative outlook reflects management's 2019 guidance for lower occupancy levels and negative same store growth, Moody's said.

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