Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers W > Headlines for Washington Prime Group, LP > News item |
Moody’s cuts WP Glimcher, preferreds
Moody's Investors Service said it downgraded the senior unsecured and issuer ratings of Washington Prime Group, LP, the operating subsidiary of WP Glimcher Inc., to Baa3 from Baa2.
The agency also downgraded WP Glimcher’s preferred stock rating to Ba1 from Baa3.
The outlook was revised to stable from negative.
Moody’s said the downgrade reflects the company’s weakened credit metrics following its merger with Glimcher, which are expected to persist over the intermediate-term. The agency noted the retail REIT's higher leverage, with net debt/EBITDA about 6.9 times (including pro rata share of unconsolidated JVs), which is above its targeted range of 6 times to 6.5 times.
© 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.