NEW YORK (Standard & Poor's CreditWire) Feb. 2, 2001--Standard & Poor's today assigned its double-'B'-plus rating to the proposed $75 million senior unsecured notes to be issued by Tanger Properties L.P. Standard & Poor's also affirmed ratings on Tanger Factory Outlet Centers Inc. and its operating partnership, Tanger Properties L.P. In addition, ratings on the company's existing senior notes and convertible preferred stock were affirmed. The outlook is stable. The ratings acknowledge Tanger's success to date in repositioning its portfolio towards a more upscale tenancy base, and reflect the company's established business position, strong operating profitability, and improving same-space sales performance. These strengths are offset by the company's relatively small portfolio, lower debt coverage measures, limited financial flexibility, and some
