Moody’s lifts Weingarten view to positive

Moody’s Investors Service said it affirmed the Baa2 senior unsecured rating for Weingarten Realty Investors and revised the outlook to positive from stable.

The outlook revision reflects Weingarten’s execution of its strategic plan to transform the portfolio by moving into core markets, disposing of non-core properties and increasing occupancy, while improving financial metrics and maintaining a prudent balance sheet, Moody’s said.

The positive outlook reflects an expectation that Weingarten will steadily grow its shopping center base in core markets, the agency added.

The ratings affirmed include the company’s cumulative preferred stock at Baa3 and preferred stock shelf at Baa3, the agency said.

Moody’s noted that Weingarten has a strong franchise in retail real estate, highlighted by its particularly long and successful operating track record.

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