S&P lowers Washington Prime

S&P lowered its issuer credit rating on Washington Prime Group Inc. to BB from BBB-.

The outlook is negative.

The agency also lowered the issue-level ratings on the company's unsecured debt to BB+ from BBB- and assigned a 2 recovery rating.

The agency said that Washington Prime’s operating performance has continued to deteriorate, resulting in credit protection measures above S&P’s previously forecast ranges.

“We don't anticipate much improvement to operating metrics over the next 12 months,” S&P said in a news release.

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