UPDATE: Morgan Stanley Downgrades CBL & Associates Properties to Underweight

According to Morgan Stanley, CBL & Associates Properties

is downgraded to Underweight. Morgan Stanley said that valuation has recovered from last summer, reflecting a more constructive financing backdrop for B-malls. “Persistent leasing headwinds & a shifting risk/reward for CMBS spreads combine to spur us to revert to our UW rating.” CBL & Associates Properties closed yesterday at $17.80.