Fitch Downgrades DDR to 'BB'; Full Analysis To Follow

NEW YORK--(Business Wire)--
Fitch Ratings has downgraded the following credit ratings of Developers
Diversified Realty Corporation (NYSE: DDR):

--Issuer Default Rating (IDR) to 'BB' from 'BBB-';

--$1.3 billion unsecured revolving credit facilities to 'BB' from 'BBB-';

--$1.4 billion unsecured medium term notes to 'BB' from 'BBB-';

--$656.8 million unsecured convertible notes to 'BB' from 'BBB-';

--$555 million preferred stock to 'B+' from 'BB+'.

The Rating Outlook remains Negative. Fitch will provide a detailed analysis of
its downgrade on DDR shortly.

Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, www.fitchratings.com. Published ratings, criteria and
methodologies are available from this site, at all times. Fitch's code of
conduct, confidentiality, conflicts of interest, affiliate firewall, compliance
and other relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings
New York:
Sean Pattap, +1-212-908-0642
Steven Marks, +1-212-908-9161
Sandro Scenga, +1-212-908-0278 (Media Relations)
sandro.scenga@fitchratings.com

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