PARIS (Standard&Poor's) Sept. 19, 2001--Following the announcement yesterday of the cancellation of Klépierre S.A.'s planned equity issue, Standard&Poor's placed on CreditWatch with negative implications its triple-'B'-plus long-term corporate credit and senior unsecured debt ratings on Klépierre. The 'A-2' short-term corporate credit and commercial paper ratings were affirmed. Klépierre is one of the leading retail property companies in continental Europe. Klépierre has cancelled its planned capital increase of about €225 million, which was expected to be issued in the coming weeks (after an aborted attempt in late 2000). The company announced that it will use debt rather than equity to pursue its growth strategy until the end of 2002. Although Klépierre posted satisfactory results for the six
