Fitch rates CBL notes BBB-

Fitch Ratings said it assigned a BBB- rating to the expected senior unsecured notes due 2026 issued by CBL & Associates LP.

The proceeds will be used to reduce amounts outstanding under its revolving credit facilities and for general corporate purposes, Fitch said.

CBL & Associates has a long-term issuer default rating of BBB-, along with BBB- ratings on its senior unsecured lines of credit, senior unsecured term loans and senior unsecured notes.

CBL & Associates Properties, Inc. has a long-term issuer default rating of BBB- and preferred stock rating of BB.

Fitch said it views CBL as having weaker access to capital, particularly unsecured debt and equity, than most other investment grade REITs.

But, the agency said it views positively the company's access to the unsecured bond market via this issuance.

The ratings also consider an expectation of positive trending and investment-grade leverage and fixed-charge coverage metrics for the company, Fitch said.

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