Type S&P Moodys

Long-term Issuer

BBB- (OS)
2/19/2021

-

Preferred Stock

-

(P)Ba1 (OS)
4/14/2021

Ratings Watch Action Legend: (WP) Watch Positive, (WN) Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing

Issuer ratings are S&P/Moody’s respectively. A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.

Type S&P Moodys

Tanger Properties Limited Partnership

Long-term Issuer

BBB- (OS)
2/19/2021

-

Senior Unsecured

BBB- (OS)
2/19/2021

Baa3 (OS)
4/14/2021

Ratings Watch Action Legend: (WP) Watch Positive, (WN) Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing

Issuer ratings are S&P/Moody’s respectively. A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.

Ratings Scale

Moody's

  • Highest Quality
    (P)Aaa Aaa
  • High Quality
    Aa1 (P)Aa1 (P)Aa2 Aa2 Aa3 (P)Aa3
  • Upper-Medium Quality
    (P)A1 A1 A2 (P)A2 (P)A3 A3
  • Medium-Grade Quality
    Baa1 (P)Baa1 (P)Baa2 Baa2 Baa3 (P)Baa3
  • Substantial Risk
    (P)Ba1 Ba1 Ba2 (P)Ba2 (P)Ba3 Ba3
  • High Risk
    B1 (P)B1 (P)B2 B2 B3 (P)B3
  • Very High Risk
    (P)Caa1 Caa1 Caa2 (P)Caa2 (P)Caa3 Caa3
  • Highly Speculative
    (P)Ca Ca
  • Default
    C (P)C

S&P

  • Extremely Strong
    AAA AAApi AAAt
  • Very Strong
    AA+ AA+pi AA+t AApi Aat AA AA- AA-pi AA-t
  • Strong
    A+ A+pi A+t Api At A A- A-pi A-t
  • Adequate
    BBB+ BBB+pi BBB+t BBB BBBpi BBBt BBB- BBB-pi BBB-t
  • Less Vulnerable
    BB+ BB+pi BB+t BB BBpi BBt BB- BB-pi BB-t
  • More Vulnerable
    B+ B+pi B+t B Bpi Bt B- B-pi B-t
  • Currently Vulnerable
    CCC+ CCC+pi CCC+t CCCpi CCCt CCC CCC- CCC-pi CCC-t
  • Highly Vulnerable
    CCpi CCt CC C+ C+pi C+t C Cpi Ct
  • Selective Default
    SD SDpi SDt
  • Default
    D+ D+pi D+t Dpi Dt D
  • Regulatory Supervision
    R Rpi Rt

Moody's

  • Superior
    (P)MIG 1 (P)P-1 (P)VMIG 1 MIG 1 P-1 VMIG 1
  • Strong
    VMIG 2 P-2 MIG 2 (P)VMIG 2 (P)P-2 (P)MIG 2
  • Acceptable
    (P)MIG 3 (P)P-3 (P)VMIG 3 MIG 3 P-3 VMIG 3
  • Not Prime
    NP (P)NP

S&P

  • Extremely Strong
    A-1+
  • Strong
    A-1
  • Satisfactory
    A-2
  • Adequate
    A-3
  • More Vulnerable
    B B-1 B-2 B-3
  • Highly Vulnerable
    C
  • Selective Default
    SD
  • Default
    D
  • Regulatory Supervision
    R

Moody's

  • Exceptional Security
    Aaa
  • Excellent Security
    Aa1 Aa2 Aa3
  • Good Security
    A1 A2 A3
  • Adequate Security
    Baa1 Baa2 Baa3
  • Questionable Security
    Ba1 Ba2 Ba3
  • Poor Security
    B1 B2 B3
  • Very Poor Security
    Caa1 Caa2 Caa3
  • Extremely Poor Security
    Ca C

S&P

  • Extremely Strong
    AAA AAApi
  • Very Strong
    AA+ AA+pi AApi AA AA- AA-pi
  • Strong
    A+ A+pi Api A A- A-pi
  • Good
    BBB+ BBB+pi BBBpi BBB BBB- BBB-pi
  • Marginal
    BB+ BB+pi BB BBpi BB- BB-pi
  • Weak
    B+ B+pi B Bpi B- B-pi
  • Very Weak
    CCC+ CCC+pi CCCpi CCC CCC- CCC-pi
  • Extremely Weak
    CCpi CC
  • Regulatory Action
    R