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Moody's affirms CBL & Associates, changes outlook to negative

Moody's affirmed CBL & Associates Properties Inc.'s long-term issuer rating at Baa3, as well as its (P)Baa3 senior unsecured debt shelf and (P)Ba1 preferred shelf ratings.

The rating agency also affirmed the Baa3 senior unsecured debt and (P)Baa3 senior unsecured debt shelf ratings of the company's operating subsidiary.

CBL's good tenant base, geographic diversity, reduced secured debt levels and its well-laddered debt maturity supported the ratings affirmation, Moody's said.

Moody's revised CBL's outlook to negative from stable, citing sustained pressures, including reduced occupancy and net operating income growth rates, coupled with the challenging retail environment.