Moody's Investors Service has downgraded the senior unsecured debt ratings of the New York-based Centro NP LLC (formerly New Plan Excel Realty Trust) from B1 to B3, citing additional liquidity and accounting issues at its corporate parent, Centro Properties Group, Melbourne, Australia. Centro's U.S. private placement noteholders are collectively owed $450 million, suggesting that "one or more events of default may have arisen under some or all of the notes," and the company has entered note extension agreements with these noteholders.
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