Moody’s cuts WP Glimcher, preferreds

Moody's Investors Service said it downgraded the senior unsecured and issuer ratings of Washington Prime Group, LP, the operating subsidiary of WP Glimcher Inc., to Baa3 from Baa2.

The agency also downgraded WP Glimcher’s preferred stock rating to Ba1 from Baa3.

The outlook was revised to stable from negative.

Moody’s said the downgrade reflects the company’s weakened credit metrics following its merger with Glimcher, which are expected to persist over the intermediate-term. The agency noted the retail REIT's higher leverage, with net debt/EBITDA about 6.9 times (including pro rata share of unconsolidated JVs), which is above its targeted range of 6 times to 6.5 times.

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