S&P affirms Glimcher ratings

Standard & Poor's said it assigned its B rating to Glimcher Realty Trust's $150 million 8.125% series G preferred stock issuance and affirmed its BB corporate credit rating on Glimcher and its B preferred stock rating.

The outlook is stable.

"The assigned rating acknowledges Glimcher's below-average business position and its relatively aggressive financial profile," said credit analyst Elizabeth Campbell. "The ratings are supported by a relatively well-occupied and profitable (but comparatively smaller) portfolio, which generates stable, predictable cash flow from a diverse and moderately creditworthy tenant base."

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