PARIS (Standard&Poor's) June 22, 2009--Standard&Poor's Ratings Services said today that its ratings and outlook on Klépierre S.A. (BBB+/Stable/A-2) were unchanged following the company's announcement of the refinancing of two of its syndicated credit lines and the covenant renegotiation of its €1 billion syndicated credit line maturing in 2014. We believe this announcement provides additional financial flexibility to the group, which supports current ratings despite the increasingly tough real estate market. This will notably remove potential short-term pressure linked to previously reduced headroom under the financial covenants. Although we still don't notch-up Klépierre's rating to factor in support from its main shareholder BNP Paribas (AA/Negative/A-1+), we believe the relationship represents a key rating strength. Following the €2.4
