S&P rates Simon notes A-

Standard & Poor's said it assigned an A- rating to the $500 million 2.8% senior notes due 2017 and $700 million 4.125% senior notes due 2021 issued by Simon Property Group LP, a subsidiary of Simon Property Group Inc.

The corporate credit rating is A-.

The outlook is stable.

Proceeds will be used to repay borrowings under the company's new $4 billion revolving credit facility that matures in October 2015.

The rating reflects the company's strong business risk profile and intermediate financial risk profile, the agency said, supported by the company's position as one of the largest and best-positioned owners of regional malls and factory outlet centers in the United States as well as the sound and strengthening performance of Simon's diversified retail property portfolio.

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