S&P lowers Glimcher outlook to negative

Standard & Poor's said it revised its outlook on Glimcher Realty Trust to negative from stable and affirmed its BB corporate credit rating on the company.

Additionally, the agency said it affirmed all other Glimcher-related ratings, affecting roughly $210 million in preferred stock.

S&P said that the outlook revision reflects its concerns regarding the possible impact of currently weak macroeconomic and capital market conditions on Glimcher's somewhat constrained liquidity position and comparatively small portfolio, which includes several lower quality assets that are more likely to be affected by weak operating and financing conditions.

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