S&P cuts Weingarten

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

Concurrently, the ratings are lowered on roughly $1.6 billion of senior unsecured notes and $148 million of preferred stock, the agency added.

The outlook is stable.

S&P said that the downgrades resulted from management's decision to operate with higher leverage levels and weaker coverage measures than previously expected, adding that these more liberal financial policies are intended to facilitate the implementation of Weingarten's more aggressive external growth strategy, as well as to avoid earnings dilution that would have resulted from additional equity offerings.

The ratings remain supported by very manageable refinancing needs and a core portfolio of good-quality neighborhood and community shopping centers and industrial properties, the agency noted.

© 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.