S&P rates Simon notes A-

Standard & Poor's said it assigned its A- senior unsecured debt rating to the $600 million of 6.75% senior notes due 2014 issued by Simon Property Group LP (A-/stable).

The company will use proceeds from the senior note offering primarily to repay maturing debt, the agency said, adding that Simon has an estimated $2.5 billion of cash on-balance-sheet following the senior note offering and the company's May 2009 equity issuance, and its $3.5 billion unsecured line of credit is substantially available.

S&P noted that the ratings on Simon acknowledge the company's large and well-diversified portfolio, which includes interests in many of the nation's top regional malls and outlet centers, as well as its expectation for the company's operating performance to remain relatively stable.

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