S&P affirms Simon Property

Standard & Poor's said it affirmed Simon Property Group Inc.'s corporate credit rating at A-, unsecured debt at A- and preferred stock at BBB, along with Chelsea Property Group Inc. and CPG Partners LP's corporate credit rating at A- and unsecured debt at A-. Retail Property Trust's corporate credit rating also was affirmed at A- and unsecured debt at A-. The ratings were removed from CreditWatch, where they were placed with negative implications in February.

The outlook is stable.

The affirmation follows Simon's decision to withdraw its bid to acquire General Growth Properties Inc. The watch placements had reflected a view that Simon's credit profile could deteriorate as a result of the sizable transaction

Despite operating through a period of weak economic conditions and unsteady consumer spending, Simon's diversified retail property portfolio and credit profile have held up well, S&P said.

Significant recent capital-raising activity, coupled with debt tenders, has enhanced Simon's liquidity position and extended the company's debt tenor, the agency added.

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