CBL Awarded a BBB- Corporate Rating With a Stable Outlook
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL), today announced that the
Company was assigned a BBB- corporate rating by Standard & Poor’s
Ratings Services (“S&P”) with a stable outlook. S&P also assigned a BBB-
issue-level rating to CBL & Associates Limited Partnership’s outstanding
senior unsecured notes.
S&P indicated in their announcement that the rating reflects, “CBL’s
regionally dominant market position, its historically well-occupied
asset portfolio (despite some weakness due to recent tenant
bankruptcies), and its broad scope of operations with good tenant and
geographic diversification.”
“We are extremely pleased to add the strength of an investment grade
rating from S&P to our existing ratings from Moody’s and Fitch. The
rating further enhances our access to the unsecured market and
recognizes the significant improvements to our credit metrics over the
past several years,” said Farzana Mitchell, CBL executive vice president
and chief financial officer. “This announcement is another milestone
towards our strategy of achieving greater flexibility to our balance
sheet. Continuing these improvements remains a top priority as we create
a more balanced financing structure, resulting in a lower cost of
borrowing.”
More information regarding CBL’s rating assignment can be found in the
S&P Ratings Services press release on its website at www.standardandpoors.com/ratingsdirect.
About CBL & Associates Properties, Inc.
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 147 properties, including 90 regional malls/open-air centers.
The properties are located in 30 states and total 84.0 million square
feet including 6.5 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150915006989/en/
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.