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Tanger Earns S&P Upgrade

GREENSBORO, NC-Tanger Factory Outlets' early repayment of a $77.4 million mortgage pushed its rating to an investment grade of BBB-.

By Beverly Ford | Updated on October 24, 2005

GREENSBORO, NC-The early repayment of a $77.4 million mortgage helped earn Tanger Factory Outlet Centers an upgrade of its Standard & Poors rating, in a move that pushed the company to an investment grade rating of BBB-, Tanger has announced.The upgrade comes just four months after Moody’s Investment Services gave Tanger an investment grade rating of BAA3.

The upgrade puts the owner, developer and manager of factory outlet centers in a better position to further fulfill its expansion goals, including the pre-development and leasing of four centers in Charleston, SC, Wisconsin Dells, WI, Pittsburgh and Deer Park, NY, all of which are expected to be completed in 2007.

In a conference call on its third quarter earnings Friday, Tanger, reported earnings of $17.3 million, or 50 cents per share for the quarter ending Sept. 30, 2005, an increase of more than $2 million compared to the same quarter in 2004. Since the beginning of the year, the company has earned $47.6 million or $1.40 per share compared to the same period last year when earnings were $45.3 million or $1.36 per share.

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