Fitch Ratings affirmed SITE Centers Corp.'s issuer default rating at BBB.
The outlook is stable.
Fitch said the rating reflects improvements to the shopping center real estate investment trust's portfolio quality since it spun off its noncore assets into Retail Value Inc., along with improved occupancy, demographics and in-place rent. SITE Centers changed its name from DDR Corp. in October 2018.
These factors are offset by the company's smaller portfolio post spinoff that makes it more exposed to individual assets and individual tenants. Fitch also noted its concerns regarding the company's exposure to tenants that are at-risk to e-commerce alternatives.
