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Prospect News home > News index > List of issuers K > Headlines for Kimco Realty Corp. > News item |
Fitch to rate Kimco notes BBB+
Fitch Ratings said it expects to assign a BBB+ rating to the series E medium-term notes due 2018 being offered by Kimco Realty Corp.
The outlook is stable.
Proceeds will be used to repay near-term bond maturities, including the $100 million 5.304% medium-term note due February 2011 and the $150 million 7.95% note due April 2011, as well as for general corporate purposes.
Kimco's BBB+ issuer default rating is based on its 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, according to the agency.
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, Fitch said.
The company also has solid leverage and coverage metrics that are commensurate with the ratings, the agency noted.
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