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$1.0 Billion Note Issuance From Simon Property Group Rated 'BBB+' Jun 05
Standard & Poors, June 2005
Abstract
NEW YORK (Standard & Poor's) June 2, 2005--Standard & Poor's Ratings Services today assigned its 'BBB+' rating to Simon Property Group Inc.'s (Simon) recently issued $400 million senior notes due 2010 and $600 million senior notes due 2015. Ratings are concurrently affirmed for roughly $6.5 billion of existing senior notes. The company's outlook remains stable. 'The ratings acknowledge Simon's strong operating performance, led by continued growth and stable occupancy in the regional mall and premium outlet center businesses, and high quality, geographically diverse portfolio,' said Standard & Poor's credit analyst Linda Phelps. 'These strengths are tempered by a moderately leveraged balance sheet.' Simon has consistently delivered solid operating results from its well-diversified portfolio, with rents on new leases continuing to...
Companies mentioned in this report are: Simon Property Group, Inc,Simon Property Group, L.P.
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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