S&P affirms Kite Realty

S&P said it affirmed the BBB- corporate credit rating on Kite Realty Group Trust and affirmed the BBB-issue-level rating on Kite Realty Group, LP’s senior unsecured notes.

The outlook is stable.

The agency said the affirmation reflects the group’s improved asset quality resulting from its recycling initiatives as well as its moderately sized development and redevelopment pipeline.

S&P added that the rating is offset by the group’s improved but moderate geographic concentration, higher proportion of power centers and its smaller size than rated peers.

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