Fitch Ratings has affirmed its ratings on Pennsylvania Real Estate Investment Trust, Philadelphia, and removed them from Rating Watch Negative.The action followed PREIT's announcement that the Internal Revenue Service has granted its request for retroactive relief, allowing it to elect taxable REIT subsidiary status for a subsidiary company. The failure to make the TRS election had put PREIT at risk of losing its REIT status for the tax years 2001 through 2003. Fitch said it expects the development to "act as a catalyst for management to review the financial systems and controls of the company to avoid future lapses." Fitch can be found online at http://www.fitchratings.com.

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