CBL Assigned Investment Grade Rating from Fitch Ratings
CBL Received a BBB- Rating with a Stable Outlook
CHATTANOOGA, Tenn. -- July 25, 2013
CBL & Associates Properties, Inc. (NYSE: CBL), today announced that the
Company was assigned a BBB- Issuer Default Rating (IDR) and BBB- Senior
Unsecured Notes rating by Fitch Ratings.
Fitch cited, “the company’s large, well-diversified portfolio of predominantly
regional mall assets, strong franchise value, sufficient credit metrics for
the rating, and adequate financial flexibility highlighted by improving access
to capital and growing unencumbered asset pool” as rationale for the rating.
“The assignment of an investment grade rating from Fitch is a significant
accomplishment and demonstrates the tremendous progress we’ve made in
positioning our balance sheet,” said Farzana Mitchell, CBL’s executive vice
president and chief financial officer. “This second investment grade rating
gives us the flexibility of another capital source, positioning the Company to
enter the public debt markets at an attractive time. We will continue to
execute our plan to create a more balanced financing structure and reduce our
overall cost of capital.”
More information regarding CBL’s rating assignment can be found in the Fitch
Ratings press release on its website at www.fitchratings.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
159 properties, including 96 regional malls/open-air centers. The properties
are located in 31 states and total 92.0 million square feet including 9.3
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
CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Senior Vice President - Investor Relations and Corporate Investments
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