S&P Credit Research



Title:

Research Update: Centro NP Ratings Stay On Watch Developing After Further Debt Deadline Extension

Price:$175.00
Publication Date:May 08, 2008
Report Type:Research Update
Abstract:On May 9, 2008, Standard&Poor's Ratings Services maintained its 'CCC+' issuer credit ratings on Centro NP LLC on CreditWatch with developing implications, where they were initially placed on Jan. 3, 2008. This follows a series of announcements made on May 8, 2008 by Centro Properties Group (CNP; not rated). The 'CCC+' senior-unsecured debt and 'CCC-' preferred stock ratings on Centro NP (formerly New Plan Excel Realty Property Trust) also remain on CreditWatch with developing implications. CNP updated the Australian equity market on the company's refinancing plans for its maturing bank debt and progress made on the "strategic review". Collectively, the announcements do not have an immediate effect on the Centro NP ratings. The announcements were as follows: The
Ticker:NXL
Issuer:Centro NP LLC
GICS:Retail REIT's (40402060)
Sector:Global Issuers, Structured Finance, Corporations, Real Estate Companies
Country:United States
Region:United States
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S&P Credit Research

S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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