Fitch rates Kimco Realty loans, notes BBB+

Fitch Ratings said it assigned Kimco Realty Corp. an issuer default rating of BBB+, its senior unsecured notes and unsecured revolving credit facilities BBB+ ratings and its preferred stock BBB-.

The outlook is stable.

Ratings are based on Kimco's solid track record as the leading owner of community and neighborhood shopping centers, its large and diversified pool of retail properties, its experienced leasing and management team and its high quality, diversified tenant mix with a well laddered lease expiration schedule, the agency said.

In addition, the company's strong unencumbered asset coverage, manageable debt maturity profile, demonstrated access to a variety of capital sources over time and solid liquidity position are also factored into the ratings, the agency noted.

The company also has solid leverage and coverage metrics, the agency said.

Balancing these strengths are the current weaknesses in the retail sector, Fitch said.

Leverage, as measured by net debt to recurring operating EBITDA, fell to 7.1x at June 30 from 8.6x at March 31, 2009.

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