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Fitch rates Kimco Realty notes BBB+
Fitch Ratings said it assigned BBB+ ratings to the two tranches of senior unsecured notes issued by Kimco Realty Corp.
Net proceeds are expected to be used to repay existing corporate debt and reduce the outstanding balance on the company's revolving credit facility.
Fitch said the ratings reflect Kimco’s large, diversified portfolio and its strong access to capital.
Kimco had made progress reducing its leverage following the Kimstone transaction, targeting net debt to adjusted EBITDA (per its own calculations) of 5 times to 5.5 times. However, leverage reached 6.3 times as of June 30, a result of draws on its revolver attributable to increased development spending and repayment of secured debt, the agency added.
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