Fitch: Kimco preferreds BBB-

Fitch Ratings said it assigned a BBB- rating to the $175 million of 5.625% class K preferred shares issued by Kimco Realty Corp.

The proceeds are expected to be used for general corporate purposes, including the repayment of $198.9 million of 6% senior unsecured notes due Nov. 30, 2012.

The company has an issuer default rating of BBB+, along with a BBB+ rating on its unsecured revolving credit facility, BBB+ rating on its senior unsecured term loan, BBB+ rating on its senior unsecured notes and BBB- rating on its preferred stock rating.

The outlook is stable.

The ratings reflect Kimco's solid track record as a leading owner of community and neighborhood shopping centers, the company's 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, Fitch said.

The ratings also factor in the company's demonstrated track record of accessing a wide variety of capital sources, the agency said.

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