Moody's affirms Kimco Realty

Moody's Investors Service said it affirmed Kimco Realty Corp.'s senior debt at Baa1 and revised the outlook to stable from negative.

The ratings reflect the company's solid franchise in the community and shopping center business, large and well-diversified portfolio, good liquidity position with moderate leverage and excellent property management and leasing platform, Moody's said.

The agency also said it realigned its business strategy and is concentrating on substantially reducing the non-core businesses.

The outlook revision also reflects a view that Kimco has made good progress in working through the pressures faced due to the challenging retail and economic environment, Moody's said.

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