Fitch Ratings has placed the Issuer Default Rating (IDR) and outstanding credit ratings of Developers Diversified Realty Corporation (NYSE:DDR) on Rating Watch Negative as follows:
--IDR 'BBB';
--$1.3 billion unsecured revolving credit facilities 'BBB';
--$1.4 billion unsecured medium term notes 'BBB';
--$833 million unsecured convertible notes 'BBB';
--$555 million preferred stock 'BBB-'.
Fitch will issue an updated and more detailed rating analysis of DDR upon reviewing further information from the company.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Contacts:
Sean Pattap, 212-908-0642
Steven
Marks, 212-908-9161
Sandro Scenga, 212-908-0278 (Media Relations)
sandro.scenga@fitchratings.com