Fitch: Providence Place certificates rated ‘stable’ - PBN.com - Providence Business News

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From the June 29, 2009 edition

RHODE ISLAND & MASSACHUSETTS NEWS BRIEFS

Fitch: Providence Place certificates rated ‘stable’

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NEW YORK – Fitch Ratings affirmed the ratings for two Providence Place pass-through certificates as “AAA” with stable outlooks, the bond-rating firm announced last week.

The two certificates total $50 million. They are secured by a Payments In Lieu Of Taxes (PILOT) lien on the property.

The mall is owned by General Growth Properties, which filed for Chapter 11 bankruptcy protection on April 16. The property was included within the bankruptcy of the sponsor. However, Fitch said that property performance is stable with year-end 2008 occupancy of 97 percent. •

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