Fitch Ratings affirmed its issuer default rating on retail real estate investment trust Simon Property Group Inc. at A, with a stable outlook.

The rating agency noted the property giant's high-quality portfolio, cycle-tested management team and significant scale influencing efficiencies as strengths, along with the financial flexibility resulting from a conservative dividend payout ratio, and a notable unencumbered pool.

Fitch also highlighted the scale and diversity of Simon Property's portfolio.

The stable outlook reflects Fitch's view that the company's operating fundamentals will remain stable over the next 12 to 24 months.