PARIS (Standard&Poor's CreditWire) June 5, 2001--Standard&Poor's today assigned first ratings to France-based Klépierre S.A., a leading asset-management company and real estate developer in Europe. Triple-'B'-plus long-term and 'A-2' short-term corporate credit ratings were assigned. The outlook is negative. Klépierre's ratings primarily reflect its leading positions in asset management and the development of shopping centers in Europe, as well as its presence in the Paris prime office real estate market. The rating also takes into account the company's more aggressive financial profile following the acquisition of French food retailer Carrefour S.A.'s shopping malls in January 2001. With a portfolio market value of about €4 billion following the acquisition of Carrefour's shopping malls, Klépierre is now the fourth-largest
