A satisfactory business risk profile and modest financial risk profile support our ratings on Tanger Factory Outlet Centers Inc. The company's satisfactory business risk profile reflects outlet center performance that exceeded our expectations during the recent sharp cyclical downturn. Additionally, portfolio trends remain encouraging. The company's comparatively small portfolio, relative to similarly rated peers, and moderate asset concentration tempers its sound operating performance. We anticipate meaningful acquisition-driven growth and a rising appetite for development. The modest financial risk profile is anchored by Tanger's conservative financial policies that contribute to one of the strongest balance sheets within our rated REIT universe, including comparatively low leverage and strong coverage of debt obligations and common dividends. Greensboro, N.C.-based Tanger is the largest publicly
