Fitch trims Washington Prime

Fitch Ratings said it downgraded the long-term issuer default ratings of Washington Prime Group, Inc. and Washington Prime Group, LP to C from CC. Fitch also lowered Washington Prime’s senior secured revolver and terms loans to CCC-/RR2 from CCC/RR2 and the senior unsecured notes to C/RR4 from CC/RR4.

“The downgrades reflect WPG's announcement of its election to not make the required interest payment on its 6.45% senior unsecured notes due 2024 and the consequent 30-day grace period before nonpayment constitutes an event of default under the indenture governing this instrument,” Fitch said in a press release.

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