On Oct. 23, 2008, Standard&Poor's Ratings Services raised its corporate credit ratings on Tanger Factory Outlet Centers Inc. and Tanger Properties L.P. (Tanger) to 'BBB' from 'BBB-'. Concurrently, we raised all other Tanger-related ratings, affecting roughly $400 million in senior notes. Lastly, we revised our outlook on the company to stable from positive (see list). The one-notch upgrade acknowledges the company's improved financial flexibility following recent refinancing activity (which unencumbered all of Tanger's wholly owned assets and extended debt maturities to 2011); the company's comfortable operating cash flow coverage of all fixed-charge obligations (including all dividends); and its ability to maintain historically stable occupancy levels through various economic cycles by providing a lower-cost alternative for retailers and consumers.
