S&P affirms New Plan

Standard & Poor's said it affirmed New Plan Excel Realty Trust Inc.'s BBB issuer credit and senior unsecured debt ratings and BBB- preferred stock ratings and removed them from CreditWatch with negative implications, where they were placed on March 1.

The outlook remains stable.

New Plan's credit quality now reflects the implied credit quality of the unrated Centro Properties Group following its $3.7 billion purchase of New Plan on April 20, according to the agency.

S&P said it believes creditors at New Plan will benefit from Centro's solid business profile and moderate financial profile. Centro's credit quality benefits from an exposure to nondiscretionary shopping dollars, a diverse mix of tenants, asset size and geographic location, and a demonstrated ability to grow a funds business with an emphasis on service-fee income streams, S&P said.

These strengths are offset by significant expansion away from its home market into the U.S. market, limited potential contingent calls on capital to support illiquid funds under management and complex ownership structures, the agency said.

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