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S&P: National Retail Properties unaffected
Standard & Poor's said its ratings on National Retail Properties Inc. (BBB-/stable) are unaffected by the recent disclosure that its board of directors has dismissed KPMG LLP as the principal independent registered public accounting firm for the company and has appointed Ernst & Young LLP as the successor auditor.
The replacement, effective June 30, was made after the board of directors' audit committee requested proposals from several large public accounting firms and was not based on any disagreement over accounting policy, the agency noted.
KPMG LLP did provide an unqualified audit opinion for the fiscal year ended Dec. 31 through a letter to National Retail dated Feb. 17, 2006, the agency added.
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