S&P affirms Kite Realty

S&P said it affirmed its BBB- issuer credit rating on Kite Realty Group Trust.

The outlook is stable.

At the same time, the agency affirmed the BBB- issue-level rating on Kite Realty Group LP's senior unsecured notes.

“The affirmation follows our improved assessment of Kite's liquidity profile (to strong from adequate) given limited near-term debt maturities and funding needs, along with our expectation for stable cash flow generation,” S&P said in a news release.

“In the second quarter of 2018, Kite recast its unsecured revolving credit facility and increased borrowing capacity to $600 million while extending the maturity to April 22, 2022 (with two six-month extension options), which bolsters liquidity.

“We also expect the company to continue to pay down its debt obligations, particularly mortgage debt when it comes due.”

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