On Oct. 30, 2008, Standard&Poor's Ratings Services revised its outlook on French real estate holding company Klepierre S.A. to stable from positive. At the same time, the 'BBB+/A-2' long- and short-term corporate credit ratings on the company were affirmed. The outlook revision primarily reflects less favorable conditions and increased uncertainty in the real estate and financial markets. We believe that deflationary trends in real estate asset valuations, the increasing cost of debt, and deteriorated macroeconomic perspectives across Europe could weigh on the company's robust performance and solid credit metrics in the coming quarters. The probability of an upgrade in the near term has hence decreased. The ratings continue to reflect: The group's strong position and solid expertise in
