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Fitch affirms Simon Property ratings

Fitch Ratings affirmed SimonProperty Group Inc.'s long-term issuer default rating at and its preferred stock ratingat BBB+.

The rating agency also affirmed certain ratings of the company'ssubsidiaries, including Simon Property Group LP's long-term IDR at A, short-termIDR at F1, senior unsecured revolving credit facility rating at A, senior unsecurednote rating at A and commercial paper note rating at F1; Simon CP 2's commercialpaper note rating at F1; and Simon International Finance SCA's unsecured guaranteednote rating at A.

Fitch said the A rating acknowledges Simon's "high-quality"retail real-estate portfolio, ample scale, "cycle-tested" management team,market edge in capital access and financial flexibility. These strengths, however,are partially offset by leverage that appears low on an absolute basis but is seeminglyhigh relative to the A rating's sensitivities.

The outlook is stable based on Fitch's view that Simon will maintain"favorable" operating fundamentals in the next 12 to 24 months and thatthe issuer's leverage will continue to be in line with the A rating.