Tanger Factory Outlet Centers Inc.'s recent announcement to acquire Charter Oak Partners' portfolio of nine factory outlet centers in a joint venture with unrated Blackstone Real Estate Advisors has no immediate effect on its ratings. Tanger's corporate credit rating is 'BB+', its senior unsecured rating is 'BB+', and its implied preferred stock rating is 'BB-'. The outlook is stable. The $491 million Charter Oak purchase price includes the assumption of $187 million of secured debt. Tanger is expected to own one-third of the joint venture and Blackstone to own two-thirds. Additionally, Tanger will provide operating, management, leasing, and marketing services for the joint venture properties, all of which will ultimately carry the Tanger brand. The acquisition is expected to close
