Centro's IDR Downgraded

The Issuer Default Rating of Centro NP LLC (formerly New Plan Excel Realty Trust) has been downgraded from BBB-plus to CCC by Fitch Ratings due to financial difficulties at its parent company, Centro Properties Group, an Australian real estate investment trust.In addition, Centro NP's revolving bank credit facility and its senior unsecured notes have been downgraded from BBB-plus to CC/RR6, and all ratings remain on Rating Watch Negative. (Fitch's Recovery Ratings are "a relative indicator of credit recovery prospects" on an obligation in an issuer's capital structure in the event of a default.) The financial difficulties at Centro Properties relate to the refinancing of over $2.3 billion of debt due to dislocations in the credit markets, Fitch said. Centro Properties can be found on the Web at http://www.centro.com.au.