Tanger Factory Outlet Centers Inc.'s rating is supported by a satisfactory business risk profile and modest financial risk profile. The company's satisfactory business risk profile reflects very stable outlet center performance despite operating though a severe recession in which retail demand was under considerable pressure. The company's comparatively small portfolio and moderate asset concentration tempers its sound operating performance. Despite operating through a challenging period, rental revenues and funds from operations (FFO) continued to grow, and the company's already strong key credit metrics have improved. 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 $2.6 billion. As of Sept. 30, 2010, the company owns, operates, and
