Moody’s ups Weingarten, preferreds

Moody's Investors Service said it upgraded Weingarten Realty Investors’ senior unsecured rating to Baa1 from Baa2 and preferred stock to Baa2 from Baa3.

The outlook is stable.

Moody’s said the upgrade reflects Weingarten's execution of its five-year strategic plan to transform the portfolio by moving into core markets, disposing of non-core properties and increasing occupancy, while improving financial metrics and maintaining a prudent balance sheet.

The stable outlook reflects the agency’s expectation that Weingarten will continue to follow a conservative business model focused on high-quality neighborhood and community shopping centers, while maintaining its current EBITDA margins and occupancy.

In addition Moody's, expects Weingarten will continue to improve its financial profile in key metrics such as fixed charge, secured debt and net debt/EBITDA.

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