S&P Eyes Glimcher After Auditor Resigns

The ratings on Glimcher Realty Trust, a real estate investment trust based in Columbus, Ohio, have been placed on CreditWatch with negative implications by Standard & Poor's, which cited the unexpected resignation of Glimcher's outside auditor.The rating agency said PricewaterhouseCoopers LLP resigned after issuing a response letter to a recent Glimcher filing with the Securities and Exchange Commission, detailing its disagreement with Glimcher's characterization of a $700,000 reportable related-party transaction involving the company's Park City development project. S&P noted that PWC "provided a clean audit opinion" for the latest fiscal year-end and has reviewed Glimcher's Form 10-Q filing for the first quarter. "Standard & Poor's will monitor the board's progress in finding a replacement auditor and its ability to meet filing requirements," the rating agency said. "Ratings will be maintained if this was ultimately an isolated incident, but could be lowered if further issues surface surrounding PWC's resignation." S&P can be found online at http://www.standardandpoors.com.