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Moody's downgrades Washington Prime's ratings

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Moody's downgrades Washington Prime's ratings

Moody's downgraded the corporate family rating of Washington Prime Group LP, the operating subsidiary of Washington Prime Group Inc.

The outlook was revised to negative from stable.

Moody's also downgraded the subsidiary's senior unsecured debt to B1 from Ba2 and senior unsecured shelf to (P)B1 from (P)Ba2. The speculative grade liquidity rating was unchanged at SGL-3.

The ratings action reflects the continued weak operating performance of the company's mall portfolio, which hampers Washington Prime's ability to maintain financial leverage targets. Moody's expects the company to be highly reliant on its unsecured line of credit should there be no external capital raises.

The negative outlook reflects cash flow risk linked to the company's portfolio amid a challenging operating environment.