Fitch rates Washington Prime, loans BBB

Fitch Ratings said it assigned initial BBB issuer default ratings to Washington Prime Group, Inc. and Washington Prime Group, LP.

The agency also assigned BBB ratings to Washington Prime Group, LP's $900 million unsecured revolving credit facility and $500 million unsecured term loan.

Fitch said the ratings take into account the company's strong expected credit metrics for the rating post-spinoff over the next 12 to 24 months, including leverage and fixed-charge coverage, as the company migrates towards a strategy of funding its smaller malls and strip centers with a mix of long-term unsecured debt, secured debt and equity.

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