S&P: New Plan Excel unaffected

Standard & Poor's said that its ratings and outlook on New Plan Excel Realty Trust Inc. (BBB/stable/--) would not be affected as a result of the company's announcement that it intends to sell 69 shopping center properties (10.4 million square feet) to Galileo America LLC for $968 million.

Galileo America LLC is a joint venture in which New Plan Excel will retain a 5% equity interest, with the remaining 95% to be owned by a wholly owned subsidiary of Australia-based Galileo Shopping America Trust (unrated), a limited partnership trust publicly traded on the Australian stock exchange.

S&P said the pending transaction poses both financial and business credit considerations that are ultimately credit neutral.

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