S&P affirms Glimcher Realty

Standard & Poor's said it affirmed its ratings on Glimcher Realty Trust, a move that affects about $210 million in preferred stock.

At the same time, all ratings are removed from CreditWatch, where they were placed June 28 with negative implications. The outlook is negative.

"The affirmations and CreditWatch removals follow the selection of a new outside auditor (BDO Seidman LLP) by the company's board, as well as the timely filing of Glimcher's second quarter financial statements," said S&P credit analyst Beth Campbell. "The negative outlook primarily acknowledges that some uncertainty will exist until the new auditor completes its full financial review in early 2005, but also reflects some concern regarding Glimcher's less competitively positioned portfolio."

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