PARIS (Standard&Poor's)--Standard&Poor's Ratings Services said today that its ratings and outlook on French property group Klépierre S.A. (BBB+/Stable/A-2) remain unchanged following the announcement that its controlling shareholder, BNP Paribas (AA/Stable/A-1+), has slightly reduced its share in Klépierre's capital to less than 52% from more than 53%. BNP Paribas has been Klépierre's reference shareholder since the company's inception, and is reportedly intent on keeping a majority interest in Klépierre's capital. However, the ultimate degree of economic interest owned by BNP Paribas is, in and of itself, not a rating factor for Klépierre--the ratings on the company reflect Klepierre's stand-alone creditworthiness. Finally, the slight reduction in BNP Paribas' voting rights--the bank held about 69% of rights before the
