CBL Received a Baa3 Rating With a Stable Outlook
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL), today announced that the
Company was assigned a Baa3 issuer rating from Moody’s Investors Service.
Moody’s indicated in their announcement that the Baa3 issuer rating
reflects the strong financial performance and stable cash flows afforded
by CBL’s market-dominant mall portfolio with consistently high occupancy
rates. In addition, Moody’s noted CBL’s healthy credit profile with a
high EBITDA margin and solid fixed charge coverage ratio. Further,
according to Moody’s, CBL has demonstrated its commitment to growing the
unencumbered net operating income (“NOI”) and believes that continuing
this strategy would lead to further enhancement of CBL’s credit profile.
“We are pleased that the strength and flexibility of our balance sheet
as well as the value of our market-dominant strategy was recognized by
Moody’s with the assignment of an investment grade rating; an important
milestone for CBL,” said Farzana Mitchell, CBL executive vice president
and chief financial officer. “We believe a balanced financing structure,
including full access to both the secured and unsecured credit markets,
will allow CBL to fuel our ongoing growth using the most attractive
sources of capital and further reducing our cost of funds. We look
forward to building on this significant accomplishment.”
More information regarding CBL’s rating assignment can be found in the
Moody’s Investors Service press release on its website at www.moodys.com.
CBL is one of the largest and most active owners and developers of malls
and shopping centers in the United States. CBL owns, holds interests in
or manages 158 properties, including 96 regional malls/open-air centers.
The properties are located in 31 states and total 92.7 million square
feet including 10.5 million square feet of non-owned shopping centers
managed for third parties. Headquartered in Chattanooga, TN, CBL has
regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St.
Louis, MO. Additional information can be found at cblproperties.com.
Information included herein contains “forward-looking statements”
within the meaning of the federal securities laws.Such
statements are inherently subject to risks and uncertainties, many of
which cannot be predicted with accuracy and some of which might not even
be anticipated.Future events and actual events, financial and
otherwise, may differ materially from the events and results discussed
in the forward-looking statements.The reader is directed to the
Company’s various filings with the Securities and Exchange Commission,
including without limitation the Company’s Annual Report on Form 10-K
and the “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” incorporated by reference therein, for a
discussion of such risks and uncertainties.
CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Senior
Vice President - Investor Relations and Corporate Investments
katie_reinsmidt@cblproperties.com
Source: CBL & Associates Properties, Inc.