S&P cuts Weingarten

Standard & Poor's said it lowered its corporate credit rating on Weingarten Realty Investors to BBB+ from A-.

Concurrently, the agency said it lowered its ratings on roughly $1.85 billion of senior unsecured notes and on $348 million of preferred stock.

The outlook is stable.

According to S&P, the downgrades reflect management's decision to operate with higher leverage levels and lower coverage measures than it previously anticipated.

S&P said that Weingarten's management has made progress in implementing a strategic shift that began two years ago, which should provide the company with expanded longer-term revenue and capital sourcing opportunities.

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