Comparatively small but very stable outlet center portfolio Portfolio trends should remain positive, aided by retailer demand for outlet retail space Increasing competition, contributing to Tanger's greater use of joint ventures to develop new centers Strong debt protection measures Moderate leverage Sufficient liquidity relative to its capital needs The outlook on Tanger Factory Outlet Centers Inc. is stable. Standard&Poor's Ratings Services expects consistently strong occupancy and steady tenant sales to continue supporting positive re-leasing rates and 3% to 4% same-store net operating income (NOI) growth. We also expect Tanger to pursue moderate development (with strong pre-leasing) and fund investments conservatively to maintain its strong credit measures. We see limited downside risk to the company's rating at this time,
