Moody's assigns Washington Prime Baa2

Moody's Investors Service said it assigned a Baa2 issuer rating to Washington Prime Group, LP, a wholly owned subsidiary of Washington Prime Group, Inc. (WPG).

The outlook is stable.

Moody's said the Baa2 issuer rating reflects WPG's strong credit metrics, as the REIT is expected to have a conservative capital structure earmarked by modest overall leverage and high fixed charge coverage for the rating category.

WPG will have ample liquidity to fund its growth objectives, with significant capacity on its $900 million unsecured revolver and manageable debt refinancing needs over the intermediate-term.

The REIT is also expected to retain an excess of $100 million of cash flow annually, which provides incremental capital to reinvest in its existing assets, the agency said.

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