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S&P puts Weingarten on positive watch
S&P said it placed Weingarten Realty Investors’ ratings, including the BBB issuer rating, on CreditWatch with positive implications.
The placement follows the announcement Weingarten agreed to be acquired by Kimco Realty Corp., the agency said.
“The CreditWatch with positive implications reflects our view that Houston-based Weingarten will benefit from greater scale as a result of the acquisition by Kimco, promoting enhanced cost and leasing efficiencies above what Weingarten could achieve on a stand-alone basis. The transaction is anticipated to close in the second or third quarter of 2021,” S&P said in a press release.
The agency said it aims to resolve the CreditWatch after Kimco closes the deal.
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