NEW YORK (Standard & Poor's) July 20, 2006--Standard & Poor's Ratings Services today affirmed its 'BBB-' corporate credit, 'BBB-' senior unsecured debt, and 'BB+' preferred stock ratings on Tanger Factory Outlet Centers Inc. and Tanger Properties L.P. (together, Tanger). The outlook is stable. "The ratings acknowledge the company's profitable factory outlet center portfolio, despite its small and concentrated size when compared with its rated peer group," said credit analyst Elizabeth Campbell. "The company's portfolio quality and consistency have improved over the past three years, notably after the year-end 2003 acquisition of the nine-center Charter Oak portfolio, which it now wholly owns." Ms. Campbell noted however, that the company's above-average encumbrance somewhat limits financial flexibility in the near term. Tanger's well-leased
