On Nov. 14, 2007, Standard&Poor's Ratings Services revised its outlook on Tanger Factory Outlet Centers Inc. (Tanger) to positive from stable. At the same time, we affirmed our 'BBB-' corporate credit rating on Tanger and all other Tanger-related ratings, affecting roughly $500 million in senior notes (see list). The ratings acknowledge the company's solid operating performance, the stability of its consistently well-leased portfolio and improved financial flexibility resulting from recent refinancing activity. These strengths are tempered by the company's relatively small size, along with some portfolio concentration and somewhat mixed asset quality. Greensboro, N.C.-based Tanger is the largest publicly traded operator of outlet centers, though it has a comparatively small market capitalization of roughly $2 billion. The company
