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Centro Update


Centro Properties Group said on Friday that it has been unable to extend maturing interest rate hedges on its borrowings .

Meanwhile, S&P affirmed its ratings on Centro's CMBS.

Lastly, Bloomberg has reported Centro's U.S. retail trust, which had its credit rating cut 10 levels, has loans being used as collateral in bonds sold by firms including JPMorgan Chase & Co.

Centro NP's loans were packed into 13 commercial mortgage- backed securities that were also sold by Merrill Lynch & Co., Fitch Ratings said Jan. 4 in a statement. Centro Properties last year became the fifth-largest U.S. mall owner buying the U.S. trust, formerly New Plan Excel Realty Trust, for $3.7 billion.

``Fitch does not expect any potential rating changes as a result of the Centro NP downgrade,'' Fitch Ratings said in the release with reference to the mortgage-backed securities.

Past posts on Centro:

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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