Fitch Ratings affirms and simultaneously withdraws the ratings of Pennsylvania Real Estate Investment Trust as follows:
--Issuer Default Rating (IDR) affirmed at 'BB';
--Exchangeable senior notes affirmed at 'BB';
--Preferred stock (indicative) affirmed at 'B+'.
Fitch has revised the Rating Outlook to Stable from Positive.
Fitch will no longer provide analytical coverage of this issuer.
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.