Moody's Investors Service has placed LNR Property Corp.'s debt and preferred stock ratings on review for possible downgrade following the announcement of LNR's agreement to be acquired by Riley Property Holdings.The affected ratings are as follows: senior unsecured debt shelf, (P)Ba2; senior subordinated notes, Ba3; senior subordinated shelf, (P)Ba3; and preferred stock shelf, (P)B1. Moody's said it expects the transaction to be highly leveraged, putting additional pressure on LNR's fixed-charge coverage and effective leverage. "LNR's permanent capital structure is uncertain at this time," Moody's said. The rating agency can be found online at http://www.moodys.com.
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