CBL Achieves an Investment Grade Rating from Moody’s Investors Service

  CBL Achieves an Investment Grade Rating from Moody’s Investors Service

               CBL Received a Baa3 Rating With a Stable Outlook

Business Wire

CHATTANOOGA, Tenn. -- May 13, 2013

CBL & Associates Properties, Inc. (NYSE: CBL), today announced that the
Company was assigned a Baa3 issuer rating from Moody’s Investors Service.

Moody’s indicated in their announcement that the Baa3 issuer rating reflects
the strong financial performance and stable cash flows afforded by CBL’s
market-dominant mall portfolio with consistently high occupancy rates. In
addition, Moody’s noted CBL’s healthy credit profile with a high EBITDA margin
and solid fixed charge coverage ratio. Further, according to Moody’s, CBL has
demonstrated its commitment to growing the unencumbered net operating income
(“NOI”) and believes that continuing this strategy would lead to further
enhancement of CBL’s credit profile.

“We are pleased that the strength and flexibility of our balance sheet as well
as the value of our market-dominant strategy was recognized by Moody’s with
the assignment of an investment grade rating; an important milestone for CBL,”
said Farzana Mitchell, CBL executive vice president and chief financial
officer. “We believe a balanced financing structure, including full access to
both the secured and unsecured credit markets, will allow CBL to fuel our
ongoing growth using the most attractive sources of capital and further
reducing our cost of funds. We look forward to building on this significant

More information regarding CBL’s rating assignment can be found in the Moody’s
Investors Service press release on its website at www.moodys.com.

CBL is one of the largest and most active owners and developers of malls and
shopping centers in the United States. CBL owns, holds interests in or manages
158 properties, including 96 regional malls/open-air centers. The properties
are located in 31 states and total 92.7 million square feet including 10.5
million square feet of non-owned shopping centers managed for third parties.
Headquartered in Chattanooga, TN, CBL has regional offices in Boston
(Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. Additional information
can be found atcblproperties.com.

Information included herein contains “forward-looking statements” within the
meaning of the federal securities laws. Such statements are inherently subject
to risks and uncertainties, many of which cannot be predicted with accuracy
and some of which might not even be anticipated. Future events and actual
events, financial and otherwise, may differ materially from the events and
results discussed in the forward-looking statements. The reader is directed to
the Company’s various filings with the Securities and Exchange Commission,
including without limitation the Company’s Annual Report on Form 10-K and the
“Management’s Discussion and Analysis of Financial Condition and Results of
Operations” incorporated by reference therein, for a discussion of such risks
and uncertainties.


CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Senior Vice President - Investor Relations and Corporate Investments
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