S&P: Centro on positive watch

Standard & Poor's said it placed Centro NP LLC's CCC+ corporate credit and debt ratings, on CreditWatch with positive implications.

The CreditWatch placement follows the announcement that parent Centro Properties Group entered into a binding stock purchase agreement with BRE Retail Holdings Inc., an affiliate of private equity firm Blackstone Real Estate Partners VI LP, to sell its U.S. assets and platform in a $9.4 billion transaction.

The CreditWatch placement with positive implications reflects the view that the transaction extracts Centro NP from its position as a subsidiary of a highly leveraged and complex parent, the agency said.

The ratings continue to reflect Centro NP's less-than-adequate liquidity position and high consolidated leverage, the agency added.

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