S&P: Heritage Group 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, the Heritage Group) and BBB- issue credit ratings on the Heritage Group's unsecured bond issues are unaffected by the late release of group financial information.

The outlook remains positive.

Holders of more than 25% of the Heritage Group's $150 million 4 ½% unsecured notes due October 2009 lodged a request for the provision of historical financial information on the Heritage Group. S&P said it is confident the Heritage Group will be able to provide this financial information within the 60-day cure period.

In the event that this information is not provided, an event of default is triggered under the terms and conditions of the Heritage Group bonds. The agency said it will be closely monitoring the provision of this financial information. The Heritage Group has met all of its other financial undertakings, S&P said.

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