Moody's Downgrades CenterPoint Debt

The ratings of Chicago-based CenterPoint Properties Trust's senior unsecured debt have been lowered from Baa2 to Baa3 by Moody's Investors Service.The outlook is stable. Moody's said the action reflects CenterPoint's acquisition by CalEast Industrial Investors LLC, as well as CenterPoint's announcement on May 4 that cash tender offers for its outstanding $450 million of senior unsecured notes had expired and that consents were received from a majority of the noteholders. Moody's said there will be more incentive to manage CenterPoint at higher levels of leverage now that it is a private company. CalEast is a partnership between California Public Employees' Retirement System and LaSalle Investment Management Inc., the investment management business of Jones Lang LaSalle that serves as the managing member of CalEast. The rating agency can be found online at http://www.moodys.com.