Moody's affirms Tanger

Moody's Investors Service said it affirmed its Baa3 senior unsecured rating for Tanger Properties LP.

The outlook is stable.

Moody's said it is encouraged by Tanger's recent complete unencumbering of its property portfolio by refinancing its $171 million mortgage due July 2008 with an unsecured term loan.

The agency also acknowledged the REIT's consistent profitable growth since the acquisition and successful integration of the Charter Oak assets in 2005.

The key risk for Tanger is the softening macroeconomic environment, the agency said.

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