S&P snips Washington Prime

S&P said it lowered its ratings for Washington Prime Group LLC and its exit credit facility to B from B-. The 2 recovery rating on the facility indicates meaningful (70%-90%; rounded estimate: 85%) recovery of principal in the event of a payment default.

“The downgrade reflects WPG's shorter weighted average debt maturity profile, which presents greater refinancing risk. We view the company's capital structure is vulnerable to refinancing risk given its exit credit facility matures within three years and represents the majority of the company's overall debt,” S&P said in a press release.

The outlook is negative.

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