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Fitch Rates Developers Diversified Realty's $300MM 4.75% Sr. Unsecured Notes 'BB'

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^{Published in Business and Finance on Wednesday, March 2nd 2011 at 20:20 GMT by Market Wire}  

NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings assigns a 'BB' credit rating to the $300 million 4.75% coupon rate senior unsecured notes due April 2018 issued by Developers Diversified Realty Corporation (NYSE: DDR). The notes were issued at 99.315% of par value to yield 4.86% to maturity. The company intends to use the net proceeds to repay short-term higher cost mortgage debt and to reduce balances on its revolving credit facilities and secured term loan. DDR's Issuer Default Rating (IDR) is 'BB'. The Rating Outlook is Stable.

For additional information, please refer to Fitch's full rating report, 'Developers Diversified Realty Corporation,' dated Dec. 22, 2010.

Developers Diversified Realty Corporation, a self-administered and self-managed real estate investment trust, is in the business of owning, managing and developing a portfolio of shopping centers and, to a lesser extent, office properties. The company's portfolio as of Feb. 11, 2011, consisted of 522 shopping centers and six office properties (including 233 centers owned through unconsolidated joint ventures and three centers that are otherwise consolidated by the company) and more than 1,800 acres of undeveloped land (of which approximately 250 acres are owned through unconsolidated joint ventures). The shopping center properties consist of shopping centers, enclosed malls and lifestyle centers. As of Dec. 31, 2010, the company had $9.2 billion in undepreciated book assets and a total market capitalization was $8.5 billion.

Additional information is available at '[ www.fitchratings.com ]'.

Applicable Criteria and Related Research:

--'Corporate Rating Methodology', Aug. 13, 2010;

--'Criteria for Rating U.S. Equity REITs and REOCs', April 16, 2010;

--'Recovery Rating and Notching Criteria for REITs', Dec. 23, 2009.

Applicable Criteria and Related Research:

Corporate Rating Methodology

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=546646 ]

Criteria for Rating U.S. Equity REITs and REOCs

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=510465 ]

Recovery Rating and Notching Criteria for REITs

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=492828 ]

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