Tanger's portfolio trends should remain positive; Strong cash flow coverage and moderate leverage; and Sufficient liquidity relative to capital needs. Tanger's portfolio is comparatively small with some asset concentration; and Tanger is pursuing meaningful growth through acquisitions and development. 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
