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S&P lowers Prime Property
Standard & Poor's said it lowered its corporate credit rating on Prime Property Fund LLC to A- from A.
At the same time, the agency said it lowered all other Prime Property-related ratings, which affect $1.3 billion of senior notes while it also revised the outlook to negative.
"We lowered ratings on Prime Property to reflect the fund's weakened leverage and liquidity positions since the end of 2007 (primarily due to steady client withdrawals) and its concern that the fund's financial position will continue to be pressured by potentially protracted weak economic and capital markets environment," said S&P credit analyst Linda Phelps.
"The fund relies on discretionary dividend reinvestments to fully fund operating cash flow shortfalls on dividend payments and recurring capital expenditure needs."
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