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Chelsea Property Group, Inc. (ticker: CPG, exchange: New York Stock Exchange) News Release - 2-Oct-2003
Moody's Joins S&P in Upgrading Ratings for Chelsea Property Group and CPG Partners
ROSELAND, N.J.--(BUSINESS WIRE)--Oct. 2, 2003--Chelsea Property Group, Inc. (NYSE: CPG) announced today that Moody's Investors Service upgraded the ratings of certain securities issued by Chelsea Property Group, Inc. and its principal operating partnership, CPG Partners, L.P.
The following ratings were upgraded:
- Chelsea Property Group, Inc. and CPG Partners, L.P. senior unsecured debt to Baa2, from Baa3; and CPG Partners, L.P. senior unsecured shelf to (P)Baa2 from (P)Baa3
- Chelsea Property Group, Inc. preferred stock to Baa3 from Ba1 and preferred stock shelf to (P)Baa3 from (P)Ba1.
The upgrades by Moody's followed similar upgrades by Standard & Poor's in July 2003.
Chelsea Property Group, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that wholly or partially owns Premium Outlet(R) and other retail shopping centers in 32 states and Japan. The company's leading properties include Woodbury Common Premium Outlets, near New York City; Wrentham Village Premium Outlets, near Boston; Orlando Premium Outlets, in Orlando, Florida; Desert Hills Premium Outlets, near Palm Springs, California; and Gotemba Premium Outlets, near Tokyo, Japan. Please see www.cpgi.com for more information.
CONTACT: Chelsea Property Group, Inc.
Michael J. Clarke, 973-228-6111
SOURCE: Chelsea Property Group, Inc.
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