S&P affirms Glimcher Realty Trust

Standard & Poor's said it affirmed its BB corporate credit and B preferred stock ratings on Glimcher Realty Trust.

The outlook is stable.

S&P said that the ratings are supported by a mall portfolio that generates stable, predictable cash flow from a diverse and creditworthy tenant base, adding that Glimcher's successful implementation of a recently announced asset-recycling plan could bolster the asset quality and competitive position of the REIT's comparatively smaller, concentrated and non-uniform mall portfolio.

Offsetting concerns include the potential that earnings dilution could stress fixed-charge coverage measures that are relatively low, as well as risks associated with the pursuit of ground-up development, S&P noted.

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