S&P: Plaza Centers notes B

Standard & Poor's said it assigned a B long-term corporate credit rating to the Plaza Centers NV, along with a B rating to the proposed $200 million issue of senior secured notes.

The outlook is stable.

The ratings reflect the risks inherent in the company's business model, which is based on the development of predominantly retail projects, S&P said.

Although debt leverage usually diminishes at the end of each development cycle, the agency said it believes that the company's liquidity management through the cycle presents a major credit risk.

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