On Sept. 20, 2004, Standard & Poor's Ratings Services raised its corporate credit ratings on Tanger Factory Outlet Centers Inc. and Tanger Properties L.P. to 'BBB-' from 'BB+'. Additionally, the company's senior unsecured rating is affirmed at 'BB+' due to notching, since Standard & Poor's expects that in the near- to medium-term, more than 50% of the company's fully consolidated net operating income (NOI) will be encumbered by mortgage debt. Tanger currently has $148 million in rated senior unsecured notes outstanding. The outlook is stable. The raised corporate credit rating acknowledges the company's improved competitive position in the factory outlet center industry following the year-end 2003 acquisition of the nine-center Charter Oak Partners' portfolio in joint venture with un-rated Blackstone
