Fitch Cuts Developers Diversified Realty Ratings

NEW YORK (AP) — Fitch Ratings downgraded several ratings on Developers Diversified Realty Corp. on Friday, citing the shopping center developer's liquidity position.

Fitch downgraded Developers Diversified's issuer default rating, $1.3 billion in unsecured revolving credit facilities, $1.4 billion in unsecured medium-term notes and $833 million in unsecured convertible notes one notch to "BBB-" from "BBB." The new rating is Fitch's lowest investment-grade rating.

Fitch also downgraded $555 million in preferred stock to "BB+" from "BBB-," sending it into non-investment grade, or "junk," status. It assigned a negative outlook to the new ratings, implying another downgrade could be forthcoming. ...