S&P rates Kimco Realty notes BBB+

Standard & Poor's said it assigned a BBB+ rating to the $300 million of 4.30% series E medium-term notes due Feb. 1, 2018, issued by Kimco Realty Corp.

The proceeds will be used to repay its $100 million 5.304% medium-term notes due February 2011 and its $150 million 7.95% note due April 2011, S&P said.

By essentially replacing higher-cost, shorter-term debt with this issue, Kimco will modestly improve its fixed-charge coverage measure and slightly lengthen its debt tenor, the agency said.

The ratings continue to acknowledge the benefits of the company's broadly diversified, well-occupied neighborhood and community shopping center portfolio, S&P said.

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