Moody's keeps Centro NP on review

Moody's Investors Service said it affirmed the B3 senior unsecured debt rating of Centro NP LLC (formerly New Plan Excel Realty Trust, Inc.) and kept the rating under review with direction uncertain following Centro NP's announcement that the company and its parent, Centro Properties Group, were granted an extension on their Feb. 15 refinancing deadlines. The new deadline is Sept. 30, 2008 for Centro NP and April 30 for Centro Properties.

The review continues to reflect the financial difficulties and uncertainty regarding the final capital structure and strategic profile of the company in light of Centro NP's and Centro Properties Group's short-term pressure to refinance debt, the agency said. Moody's will continue to monitor Centro NP's compliance with its bond covenants and the quality and composition of its portfolio as it works though these financings.

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