NEW YORK (AP) -- Standard & Poor's Ratings Services lifted its rating on outlet mall company Tanger Factory Outlet Centers Inc., citing its steady cash flows.
S&P raised the company's corporate credit rating one notch, to "BBB+" from "BBB." Both are investment-grade bond ratings. A higher rating could make it cheaper and easier for Tanger to borrow money.
Credit analyst George Skoufis wrote that he expects Tanger's stable operating performance to continue over the next two years, even with weak growth in consumer spending.
Tanger runs 43 outlet centers in the U.S. and Canada.
The company's shares fell $1.16, or 3.2 percent, to $35.06 in afternoon trading on Wednesday, as the broader stock market dropped. The Standard & Poor's 500 index was off nearly 1 percent.
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