RPAI Gets Investment Grade Rating

CHICAGO—As reported in GlobeSt.com, Retail Properties of America, Inc. has had a solid year, with some important acquisitions, strong financial results and significant occupancy gains. And now the Oak Brook, IL-based REIT, formerly known as Inland Western Retail Real Estate Trust, a name it shed in 2012, was just assigned a BBB- corporate credit rating from Standard and Poor’s Ratings Services with a stable outlook. S&P said in their announcement that the rating reflects RPAI’s investment and operating strategy, and strengthening portfolio fundamentals.

“We are pleased with today’s announcement of our second investment grade credit rating, which is a strong acknowledgement of the transformation of the company’s balance sheet over the last three years, as we have substantially deleveraged the portfolio, improved coverage metrics and grown our now sizeable unencumbered asset base,” says Angela Aman, executive vice president, chief financial officer and treasurer. “Access to the public unsecured bond market increases the company’s flexibility as we continue to enhance our credit profile and work to reduce our overall cost of capital.”