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S&P cuts Washington Prime Group
S&P said it lowered its rating for Washington Prime Group Inc. to BB- from BB, cut the unsecured debt rating to BB from BB+ and the preferred stock rating to B- from B.
“Washington Prime underperformed expectations in the third quarter of 2019, with negative overall same-property net operating income (NOI) growth and occupancy declines. Year-over-year, combined tier 1 and open air leased occupancy decreased 110 basis points to 92.9% at Sept. 30, 2019, attributable to the bankruptcies of Charlotte Russe, Gymboree, and Payless ShoeSource,” said S&P in a press release.
The outlook is negative.
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