Greensboro, N.C.-based Tanger Factory Outlet Centers Inc. is the second largest owner of factory outlets, with ownership interest in a portfolio that has demonstrated very stable operating performance, supported by consistently high occupancy. While we expect tepid growth in consumer spending, we believe Tanger's well-positioned portfolio will continue to generate steady tenant sales growth and positive leasing spreads to support moderate same-store net operating income (NOI) growth, complemented by attractive new development projects. We raised the corporate credit rating on Tanger and the ratings on its senior unsecured debt to 'BBB+' from 'BBB', reflecting the stability of its cash flow, prudent pursuit of growth that has modestly improved portfolio diversity, and conservative balance sheet management. The stable outlook reflects our
