NEW YORK (Standard & Poor's) Oct. 28, 2005--Standard & Poor's Ratings Services today said its ratings on Tanger Factory Outlet Centers Inc., an equity REIT, are not affected by the company's recent $50 million preferred stock issuance and its intent to issue $250 million senior unsecured notes. Tanger Properties L.P. will issue the proposed notes with no guarantee from the REIT. This structure differs from that of Tanger's outstanding senior unsecured notes and credit facilities, which are guaranteed by the REIT. However, we believe a ratings distinction between the existing and proposed debt is not warranted because the guarantee currently provides no benefit (as currently the REIT holds no assets other than its interest in the L.P.). Proceeds will fund
