Fitch: Kimco preferreds BBB-

Fitch Ratings said it assigned a credit rating of BBB- to the $225 million of 5.50% class J cumulative redeemable preferred stock issued by Kimco Realty Corp.

The proceeds will be used to redeem the $175 million of 6.65% class F preferred stock and for general corporate purposes.

The company has an issuer default rating of BBB+, unsecured revolving credit facilities rating of BBB+, senior unsecured term loan rating of BBB+, senior unsecured notes rating of BBB+ and preferred stock rating of BBB-.

The outlook is stable.

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, 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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