S&P: Heritage Property unaffected

Standard & Poor's said its BBB issuer credit ratings on Heritage Property Investment Trust Inc., Bradley Operating LP and Heritage Property Investment LP (collectively known as the Heritage Group) are unaffected by the offer by affiliates of the unrated Centro Properties Group to acquire New Plan Excel Realty Trust Inc., rated BBB with stable outlook, for $6.2 billion.

The Heritage Group's credit quality reflects the implied credit quality of Centro, S&P said. Although Centro is not guaranteeing the debt obligations of the Heritage Group, S&P said it believes that creditors will benefit from Centro's solid business profile and moderate financial profile.

The positive outlook on the Heritage Group reflects S&P's expectation that Centro can successfully integrate recent acquisitions and continue to grow its service fee income stream while remaining within its articulated gearing parameters.

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