The Wall Street Journal: Warehouses Offer Crowded Shelter in Retail Storm

Mall landlords face a reckoning. The Covid-19 crisis has pushed the credit quality of the average U.S. general retailer from just inside investment grade a year ago into junk territory today, according to Credit Benchmark. One U.S. owner of shopping malls, Tanger Factory Outlet Centers, said it won’t be able to collect rent that was due in April and May until early 2021. Intu, a U.K. department-store landlord, filed for the local equivalent of bankruptcy last week after tenants couldn’t make the rent.

The Wall Street Journal, June 29, 2020.

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Credit Benchmark brings together internal credit risk views from over 40 leading global financial institutions. The contributions are anonymized, aggregated, and published in the form of consensus ratings and aggregate analytics to provide an independent, real-world perspective of credit risk. Risk and investment professionals at banks, insurance companies, asset managers and other financial firms use the data for insights into the unrated, monitoring and alerting within their portfolios, benchmarking, assessing and analyzing trends, and fulfilling regulatory requirements and capital.