NEW YORK (Standard & Poor's CreditWire) Dec. 12, 2000--Standard & Poor's today affirmed its double-'B'-plus corporate credit ratings for Tanger Factory Outlet Centers Inc. and its operating partnership, Tanger Properties L.P. In addition, ratings were affirmed on the company's existing senior notes and convertible preferred stock. 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, exposure to variable-rate debt, and specific refinancing risk in 2001. Greensboro, N.C.-based Tanger is an equity umbrella partnership REIT that is engaged in the
