Fitch revises CBL view to negative

Fitch Ratings said it affirmed the ratings of CBL & Associates Properties, Inc. and its operating partnership, CBL & Associates LP at BBB-.

The outlook was revised to negative from stable.

Fitch said the negative outlook reflects its view that CBL has weaker access to capital (secured and unsecured debt and equity) than most other investment-grade REITs.

“However, 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.

“Market sentiment across most capital providers for B malls has eroded given the challenges ascertaining the long-term productivity and financeability of this asset class.”

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