S&P rates Weingarten notes BBB

Standard & Poor's said it assigned a BBB rating to the $100 million 8.1% senior unsecured notes due 2019 issued by Weingarten Realty Investors.

The outlook is stable.

The company plans to use the proceeds for general business purposes, including reducing amounts outstanding under its revolving credit facility.

S&P said the company has made progress improving liquidity and deleveraging its balance sheet despite the current weak retail environment and constrained capital markets. Leverage declined to 56% (book value) at June 30 from 66% at the end of 2008.

However, debt service and fixed charge coverage remained low at 2.2 times and 1.8 times, respectively, for the first six months of 2009, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.