Our ratings on Tanger Factory Outlet Centers Inc. (Tanger) are supported by a satisfactory business risk profile and modest financial risk profile. The company's satisfactory business risk profile reflects consistently strong outlet center performance. 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 also believe the company will complement recent acquisition activity with new development activity as a means to grow and diversify its portfolio. 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, anchored the company's modest financial risk profile. Greensboro,
