Fitch Ratings upgrades outlook on DDR
NEW YORK (AP) — Fitch Ratings upgraded its rating outlook on DDR Corp. Monday, saying it expects strong performance from the real estate investment trust.
The rating agency upgraded its rating outlook on DDR to "Positive" from "Stable," meaning it may upgrade the company's ratings in the near future.
Fitch also affirmed the company's credit ratings Monday, including its issuer default rating of BB+, which is the highest rank within non-investment grade, or "junk" territory. An upgrade would put it into investment-grade status.
The rating agency said it expects the company's credit profile will improve over the next year or two, given recent trends. The company operates a prime shopping center portfolio with roster of retail tenants that are well positioned entering the holiday season. DDR also has strong cash flow and access to capital on increasingly favorable terms, Fitch said.
Fitch said it expects the company will keep its strong portfolio of properties in the future.
Shares of DDR increased 19 cents to $15.25 by midday, as the broader markets rallied.