Our ratings on Tanger Factory Outlet Centers Inc. (Tanger) acknowledge the company's comfortable operating cash flow coverage of all fixed-charge obligations (including all dividends); improved financial flexibility following refinancing activity it completed in 2008 (which unencumbered all of Tanger's wholly owned assets and extended debt maturities to 2011); and the company's historical ability to maintain relatively stable occupancy levels through various economic cycles by providing a lower-cost alternative for retailers and consumers. Tempering these strengths is the currently very weak retail operating environment and Tanger's moderate level of lease maturities for 2010. Greensboro, N.C.-based Tanger is the largest publicly traded stand-alone operator of outlet centers, although it has a comparatively small market capitalization of roughly $2 billion. The company owns,
