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Moody’s trims Simon Property unsecured rating
Moody’s Investors Service said it downgraded Simon Property Group, LP’s senior unsecured debt rating to A3 from A2. The agency noted the ongoing challenges in retail real estate and continued pressure on consumer spending due to the macroeconomic environment and the pandemic outside the company’s control.
In the same rating action, Moody’s cut the senior unsecured rating of its affiliate, Simon International Finance SCA, to A3 from A2
Moody’s said it revised the outlook to stable from negative as the REIT’s diversified and high-quality portfolio of retail properties, strong track record and prudent approach to capital and liquidity management are material credit strengths in the current challenging environment.
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