Fitch rates Simon Property notes A-

Fitch Ratings said it assigned an A- rating to the new $400 million 4.2% senior notes due 2015, $1.25 billion 5.65% senior notes due 2020 and $600 million of 6.75% senior notes due 2040 issued by Simon Property Group, LP, which is the operating partnership of Simon Property Group, Inc. Both entities have an issuer default rating of A-.

The outlook is stable.

The ratings are supported by a large, well-diversified portfolio of assets, strong liquidity position, strong debt service coverage ratios, significant financial flexibility and a large pool of unencumbered assets, Fitch said.

Credit concerns include challenging operating conditions, significant exposure to joint venture partners and the potential for investment activity to negatively impact the company's credit profile, the agency said.

© 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.