Comfortable operating cash flow coverage of all fixed-charge obligations and dividends; Improved financial flexibility, with no debt maturities until 2011 and a nearly fully unencumbered portfolio; and The company's historical ability to maintain relatively stable occupancy levels as an attractive, lower-cost alternative for retailers and consumers. The retail environment is currently very weak; Tanger has a moderate level of lease expirations in 2010; and The company's portfolio is comparatively small and has some asset concentration, with three centers each contributing just over 10% of net operating income (NOI). 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
