NEW YORK (Standard & Poor's CreditWire) Dec. 13, 1999-- Standard & Poor's today affirmed its double-'B'-plus corporate credit ratings on Tanger Factory Outlet Centers Inc. and its operating partnership, Tanger Properties L.P.atings were also affirmed on the companys' senior notes and convertible preferred stock (see list). The outlook is stable. The ratings reflects Tanger's: -- established business position, -- strong operating profitability, and -- good cash flow protection measures. These strengths are offset by high book value leverage levels, slow sales growth and general concerns related to public capital market constraints. Greensboro, N.C.-based Tanger is an equity UPREIT (umbrella partnership REIT) engaged in the management, acquisition, development, and construction of retail factory outlet centers. The company operates 30 factory outlet
