NEW YORK (Standard & Poor's) Sept. 17, 2002--Standard & Poor's Ratings Services today affirmed its double-'B'-plus corporate credit rating on Tanger Factory Outlet Centers Inc. (Tanger) and its operating partnership, Tanger Properties L.P. At the same time, the double-'B'-plus senior unsecured rating and the double-'B'-minus preferred stock rating were affirmed. The outlook is stable. The ratings acknowledge Tanger's success to date in repositioning its portfolio toward a more upscale tenancy base, and reflect the company's established business position, solid operating profitability, and improving same-space sales performance. These strengths are offset by the company's lower debt coverage measures, moderate encumbrance levels, and relatively small (and highly concentrated) portfolio. Greensboro, N.C.-based Tanger is an equity umbrella partnership REIT that is engaged in
