Fitch affirms Taubman

Fitch Ratings said it affirmed the BB- rating on Taubman Centers Inc.'s $300 million in outstanding preferred stock. The outlook is stable.

The ratings reflect Taubman's high-quality and geographically diversified portfolio of regional shopping centers and malls and a reduction in the company's exposure to floating-rate debt, which was 14% of total debt outstanding at Dec. 31, the agency said.

The ratings acknowledge the significant asset concentration inherent in the portfolio as Taubman only has 21 properties, Fitch said. In addition, Taubman's largest two properties comprise a disproportionate 25% of total company net operating income.

Debt plus preferred stock to undepreciated book capital basis was 78.1% at Dec. 31.

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