Fitch rates CBL reopening BBB-

Fitch Ratings said it rated the reopening of CBL & Associates LP’s 5.95% senior unsecured notes due 2026 BBB-.

The $225 million 2026 notes were priced at 98.25% of the principal amount to yield 6.199% or a 408 basis point spread over the benchmark rate.

“Fitch views CBL as having weaker access to capital (particularly unsecured debt and equity) than most other investment grade REITs, although Fitch views positively the company's recent access to the unsecured bond market to further unencumber the portfolio,” the agency said in a news release.

“Debt and equity investor market sentiment for B malls generally and CBL specifically has eroded given the challenges ascertaining the long-term productivity and financability of this asset class.”

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