Fitch: Simon Property notes A

Fitch Ratings said it assigned an A rating to the multi-tranche senior notes issued by Simon Property Group, LP, the operating partnership of Simon Property Group, Inc.

The offering is comprised of notes due 2022 and 2027.

The company's A issuer default rating reflects the company's high quality retail real estate portfolio, cycle-tested management team, market-leading access to capital and significant scale that influences efficiencies and the aforementioned access to capital, Fitch explained.

Other strengths include the company's financial flexibility stemming from a low dividend payout ratio and a sizable unencumbered pool, the agency said.

Partially offsetting these strengths is leverage that is low on an absolute basis, but high relative to the rating sensitivities for an A rating, Fitch said.

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