Fitch Ratings has downgraded the following credit ratings of Developers Diversified Realty Corporation (NYSE: DDR):
--Issuer Default Rating (IDR) to 'BB' from 'BBB-';
--$1.3 billion unsecured revolving credit facilities to 'BB' from 'BBB-';
--$1.4 billion unsecured medium term notes to 'BB' from 'BBB-';
--$656.8 million unsecured convertible notes to 'BB' from 'BBB-';
--$555 million preferred stock to 'B+' from 'BB+'.
The Rating Outlook remains Negative. Fitch will provide a detailed analysis of its downgrade on DDR shortly.
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:
Fitch Ratings
New York:
Sean Pattap, +1-212-908-0642
Steven
Marks, +1-212-908-9161
Sandro Scenga, +1-212-908-0278 (Media
Relations)
sandro.scenga@fitchratings.com