S&P assigns Kimco notes BBB+

Standard & Poor's said it assigned its BBB+ rating to the $300 million senior unsecured notes due 2019 issued by Kimco Realty Corp.

The company intends to use net proceeds from the offering to repay $220 million of debt and/or for general corporate purposes, which may include the repayment of other debt, the agency said.

S&P said that its ratings on Kimco acknowledge the benefits of the company's broadly diversified, well-occupied neighborhood and community shopping center portfolio.

Further supporting ratings, in its view, are Kimco's large equity raise earlier this year and various financing activities it has completed since then, which have bolstered the company's near-term liquidity position and reduced leverage, the agency added.

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