S&P affirms Weingarten

Standard & Poor's said it affirmed the BBB rating on the series F cumulative redeemable preferred shares issued by Weingarten Realty Investors (BBB+/stable) following the company's addition of $120 million, which brings the total amount of series F preferred shares to $320 million.

Ratings are supported by a large, diversified portfolio of good quality neighborhood and community shopping centers and industrial properties, and by a financial profile that has manageable refinancing needs, the agency said.

These credit strengths are offset by near-term dilution from a rapidly grown development pipeline and an asset management platform that has been largely debt-financed, resulting in higher leverage on the company's core business and weaker debt coverage measures, S&P noted.

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