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S&P affirms Simon Property ratings

S&P Global Ratings affirmed its A corporate credit rating on retail-focused retail real estate investment trust Simon Property Group Inc.

The outlook is stable.

The rating agency also affirmed the A issue-level rating on the company's senior unsecured debt, the BBB+ issue-level rating on its preferred stock and subsidiaries' A-1 short-term rating.

The affirmation reflects the agency's opinion that Simon's high-quality asset portfolio and disciplined redevelopment investments will support steady operating performance despite expectations of a continued challenging retail environment in the U.S.

S&P expects credit metrics to remain stable over the next two years, backed by modest net operating income growth, successful redevelopment of assets and a sound financial policy.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.