CBL Achieves Investment Grade Rating From Moody’s Investors Service

Monday, May 13, 2013

CBL & Associates Properties, Inc. (NYSE: CBL), on Monday announced that the company was assigned a Baa3 issuer rating from Moody’s Investors Service.

Moody’s indicated in their announcement that the Baa3 issuer rating reflects the strong financial performance and stable cash flows afforded by CBL’s market-dominant mall portfolio with consistently high occupancy rates. In addition, Moody’s noted CBL’s healthy credit profile with a high EBITDA margin and solid fixed charge coverage ratio. Further, according to Moody’s, CBL has demonstrated its commitment to growing the unencumbered net operating income (“NOI”) and believes that continuing this strategy would lead to further enhancement of CBL’s credit profile.

“We are pleased that the strength and flexibility of our balance sheet as well as the value of our market-dominant strategy was recognized by Moody’s with the assignment of an investment grade rating; an important milestone for CBL,” said Farzana Mitchell, CBL executive vice president and chief financial officer. “We believe a balanced financing structure, including full access to both the secured and unsecured credit markets, will allow CBL to fuel our ongoing growth using the most attractive sources of capital and further reducing our cost of funds. We look forward to building on this significant accomplishment.”

More information regarding CBL’s rating assignment can be found in the Moody’s Investors Service press release on its website at www.moodys.com.



Karen Tindell And Kelly Still Join Southern Community Bank

Robert Stahl, Chattanooga city president of Southern Community Bank, announced Karen Tindell and Kelly Still have joined the Chattanooga branch. “Karen joins the staff as assistant vice president and Kelly joins the staff as a commercial lender,” said Mr. Stahl.  “Together Karen and Kelly collectively have over 50 years’ experience in the financial industry with regional ... (click for more)

Georgia’s Unemployment Rate Drops Significantly To 7.2 Percent In November

The Georgia Department of Labor announced Thursday that Georgia’s seasonally adjusted unemployment rate for November was 7.2 percent. This is a significant drop from the previously released preliminary rate of 7.7 percent in October, which has been revised to 7.6 percent. The rate in November of last year was also 7.6 percent. “This is the largest monthly rate decrease we ... (click for more)

Investor Group Plans $31 Million Hotel In Chattanooga Bank Building

An investor group announced that it is planning the development of an upscale 150-room hotel in the historic Chattanooga Bank Building. MCA is comprised of 20 EB-5 investors as limited partners with Red Leaf Development, managed by David Roos, as the general partner. Long-time partner PHG is involved in the development of the hotel and will be responsible for its management ... (click for more)

Police Say Texts From Slain Minister Detailed Drug Deals

An investigator testified Thursday that a minister who was beaten to death during an apparent drug deal had texts on his phone dealing with similar exchanges of illegal drugs. The minister's wife said he had gone out that night as part of a church counseling program to women. General Sessions Court Judge Clarence Shattuck bound charges of felony murder and especially aggravated ... (click for more)

Please Don't Close The Piccadilly Cafeteria At Hamilton Place

Oh, no. The Piccadilly Cafeteria at Hamilton Place is closing.  Its last day is Christmas Eve.  I will miss the great food they have there but most of all I will miss their servers, cashiers and waitresses.  They are all so friendly and accommodating.  They make it like it’s a home-style restaurant. I sure wish there was some way that Hamilton Place and ... (click for more)

Roy Exum: The Last Day Of School

AUTHOR’S NOTE: This story first appeared in the Chattanooga News-Free Press in the early 1980s and every year since then I have been asked repeatedly about it. It is easily the most famous story I have ever written – copies have been sent to me from numerous foreign countries -- and it may be the easiest story I ever wrote. All I did was write what the noted religious psychologist ... (click for more)