Moody’s might lift Corio

Moody's Investors Service said it placed the Baa2 backed long-term and short-term issuer ratings of Corio NV, as well as its backed long-term instrument ratings, on review for upgrade.

The review was prompted by Corio's and Klepierre's July 29 joint stock exchange release announcing their conditional agreement to merge in an all-share deal. The merger, which the companies expect to close in the first quarter of 2015, has the approval of both companies' Management and Supervisory Boards and their largest shareholders.

Moody’s said it believes the news is credit positive for Corio. The company will benefit from a deeper, more focused management team after the merger when it will have representatives from Klepierre on its supervisory board. Klepierre's largest shareholders are U.S. REIT Simon Property Group, L.P. (A2 stable), which has a 28.9% stake and BNP Paribas (A1 negative) with 21.3%.

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