Fitch rates Kimco notes BBB+

Fitch Ratings said it assigned a BBB+ rating to the expected senior unsecured notes due 2024 and 2046 issued by Kimco Realty Corp.

Net proceeds are expected to be used for debt repayment and general corporate purposes.

Fitch said the ratings reflect Kimco's large, diversified portfolio, its generally consistent and conservative credit metrics over the past five years and its demonstrated strong access to capital.

Kimco has made progress reducing the elevated leverage after the Kimstone transaction, and the issuer is targeting net debt/EBITDA as adjusted (on its calculations) of 5 times to 5.5 times versus its calculation of 5.8 times at Sept. 30.

The agency said it could see positive ratings momentum, should the company delever beyond expectations.

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