NY -- Standard & Poor's CreditWire 11/20/98 -- Standard & Poor's today affirmed its ratings on Tanger Factory Outlet Centers Inc. and its operating partnership, Tanger Properties L.P. (See list below). 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 flat same-store sales growth, increased leverage levels, and general concerns about the ability of the company to continue to access the capital markets given the volatile markets. Greensboro, N.C.-based Tanger is an equity UPREIT (umbrella partnership REIT) that is engaged in the management, acquisition, development, and construction of retail factory outlet centers. It presently operates 31 factory outlet centers containing five
