...- We believe retail outlet REIT Tanger Factory Outlet Centers Inc. could face material top-line headwinds in the next few quarters because of the coronavirus pandemic impacting outlet operations and growing exposure to tenant distress. - We expect the economic implications of the coronavirus outbreak to weaken the credit quality of retail tenants as mass closures and social distancing strain their ability to pay their contracted rents, which could further pressure Tanger's credit protection measures. - We are revising our outlook on Tanger to negative from stable and are affirming our '###' ratings on the company. - The negative outlook reflects our belief that some of the company's tenants may defer or skip their rental payments in upcoming quarters hurting cash flow, which would further weaken Tanger's operating and credit metrics relative to our expectations. In addition, an increase in retail bankruptcies and store closings could add additional pressure in the next year....
