PARIS (Standard&Poor's) June 28, 2004--Standard&Poor's Ratings Services said today that it had assigned its 'BBB+' senior unsecured debt rating to Klépierre S.A.'s (BBB+/Stable/A-2) proposed €500 million, seven-year bond. With a portfolio market value of €5.2 billion at year-end 2003, Klépierre is the third-largest player in the French property market and the second retail player in Europe. Proceeds from the bond issue will be used for refinancing purposes. The rating on the bond is the same as the long-term corporate credit rating on Klépierre, owing to a limited amount of liabilities that would be contractually or structurally better positioned that the proposed notes in a global default scenario. At year-end 2003, Klépierre's ratio of secured debt to
