Moody's affirmed its ratings on Kimco Realty Corp., with a stable outlook.

The affirmation pertains to the shopping center landlord's Baa1 senior unsecured debt rating, (P)Baa1 senior unsecured debt shelf rating, Baa2 preferred stock rating, (P)Baa2 preferred stock shelf rating and the (P)Baa1 senior unsecured medium-term-note program rating.

The affirmation factors in Kimco's high-quality shopping-center portfolio, prudent portfolio repositioning strategy and leverage profile.

Moody's said that despite a number of retailer bankruptcies and store closings, the company's operating metrics remain solid, with a portfolio that is well diversified in terms of tenant mix. The largest tenant, The TJX Cos. Inc., accounts for just 3.6% of the REIT's annual revenue stream.

The stable ratings outlook reflects the rating agency's expectation that the REIT will maintain its firm operating performance while pursuing its prudent capital strategy.