S&P affirms Glimcher

Standard & Poor's said it affirmed a BB corporate credit rating assigned to Glimcher Realty Trust and affirmed all other ratings.

The outlook is stable.

S&P said the ratings acknowledge the company's relatively stable operating performance and improving asset quality, after Glimcher sold several underperforming assets and invested in the redevelopment of existing mall properties.

These strengths are tempered by the company's comparatively small portfolio, which has some asset concentration, as well as Glimcher's more aggressive financial policies, which include inadequate cash flow coverage of all dividend and recurring capital expenditure obligations, the agency said.

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