Fitch: Kimco preferreds BBB-

Fitch Ratings said it assigned a credit rating of BBB- to the $400 million 6% class I cumulative redeemable preferred stock issued by Kimco Realty Corp.

Net proceeds from the offering are expected to be used for general corporate purposes, to reduce borrowings on the company's revolving line of credit and for future preferred stock redemptions.

The outlook is stable.

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

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

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