Moody’s cuts Washington Prime

Moody's Investors Service said it downgraded all of Washington Prime Group Inc.'s ratings, including the ratings of its operating subsidiary, Washington Prime Group, LP's senior unsecured debt to Ba2 from Baa3.

In the same action, Moody's withdrew Washington Prime Group, LP's issuer rating and assigned a Ba2 corporate family rating and a speculative grade liquidity rating of SGL-3 to the same entity.

The outlook was revised to stable from negative.

“The multi-notch ratings downgrade reflects Washington Prime's high leverage and continued weak operating performance from its mall portfolio,” the agency said in a news release.

“The retail environment remains challenging, especially for mall owners such as Washington Prime that own portfolios with relatively low sales per square foot (below $400).”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.