The ratings on Tanger Factory Outlet Centers Inc. acknowledge the company's continued solid operating performance, the historically stable occupancy of its portfolio through various economic cycles, and its sound financial position, with improving flexibility given the company's near-term refinancing plans. These strengths are tempered by some concentration in Tanger's somewhat smaller portfolio relative to peers and its somewhat mixed asset quality. Greensboro, N.C.-based Tanger is the largest publicly traded operator of outlet centers, although it has a comparatively small market capitalization of roughly $2 billion. The company owns, operates, and develops outlet centers across the U.S., with interests in 31 centers totaling 9.0 million sq. ft. The company's holdings are located in 21 states, the top five being South Carolina
