PARIS (Standard&Poor's) Sept. 26, 2003--Standard&Poor's Ratings Services said today that its ratings on French property group Klépierre S.A. (BBB+/Stable/A-2) remain unchanged following the group's decision today to adopt the new French tax-exempt SIIC ("sociétés d'investissement immobilier cotées") status. Klépierre's new status will require the group to distribute at least 85% of net income each year and, within two years, 50% of capital gains to shareholders, and pay a 16.5% exit tax on unrealized capital gains (as of year-end 2002), spread over the 2003-2006 period. Compared with its former tax status, this is expected to generate a cash saving of about €50 million during this period, as the company's exit tax should be relatively low, based on
