Moody's rates WP Glimcher preferreds Baa3

Moody's Investors Service said it assigned a Baa3 rating to WP Glimcher Inc.'s series H and series I preferred shares, which were converted from Glimcher preferred shares effective with the REITs' merger in January. WP Glimcher's senior rating remains unchanged at Baa2, and the outlook is negative.

WP Glimcher was formed through the merger of Washington Prime Group, Inc. and Glimcher Realty Trust.

The negative outlook continues to reflect the retail REIT's substantial increase in overall leverage and secured debt following its acquisition of Glimcher Realty Trust, a highly levered mall REIT, the agency said Moody's is monitoring the REIT's progress in deleveraging and ability to bring other key credit metrics back to levels commensurate with its existing rating category.

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