Standard&Poor's Ratings Services' 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 small portfolio (when compared with 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 in order to grow and diversify its portfolio. Tanger's conservative financial policies 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
