S&P raises Equity One to BBB

Standard & Poor's said it raised its corporate credit and senior unsecured debt ratings on Equity One Inc. to BBB from BBB-.

The outlook is stable.

"The upgrade of New York–based Equity One reflects the successful portfolio repositioning during the past few years. Property recycling to high quality urban properties, such as California and New York, resulted in higher occupancy rates, improved geographic diversification, and stronger cash flows," S&P credit analyst Fernanda Hernandez said in a news release.

"In addition, we consider Equity One's strong track record of delivering its strategic plan as a positive factor in the rating."

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