Bulletin: Simon Property Group Ratings Not Immediately Affected By $1B Share Repurchase Program Jul 07
- ID: 1785632
- July 2007
- Standard & Poors
NEW YORK (Standard & Poor's) July 27, 2007--Standard & Poor's Ratings Services today said that its ratings on Simon Property Group Inc. (A-/Stable/--) and all of its related entities are not immediately affected by yesterday's announcement of a substantial new common stock repurchase program approved by the company's board of directors. The authorization allows the company to repurchase up to $1 billion of common stock (3% of its roughly $32.5 billion equity market value) over the next 24 months. While we expect the company to opportunistically purchase shares over time, the ultimate size, timing, and financing of share repurchases are not known at this time. Standard & Poor's will closely monitor share repurchases and the impact of this activity to...
Companies mentioned in this report are:
- Simon Property Group Inc.
- Chelsea Property Group Inc.
- Simon Property Group L.P.
- SPG Properties Inc.
- The Retail Property Trust
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Research type: News
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