Moody’s rates CPI notes Ba2, view positive

Moody's Investors Service said it changed the outlook of CPI Property Group to positive from stable.

At the same time, the agency affirmed CPI's Baa3 long-term issuer rating, the provisional Baa3 rating of its €3 billion medium-term note program and the Baa3 instrument ratings of its senior unsecured bonds issued under the program.

Moody's also assigned a provisional Ba2 junior subordinated notes rating to CPI's €3 billion medium-term note program and a Ba2 to the planned benchmark sized junior subordinated notes (hybrid) issuance under the program.

"CPI's positive outlook reflects (1) the improvement in credit metrics that is ahead of our expectations (2) a more conservative financial policy recently announced by the company and (3) the company's stronger equity position following the planned benchmark sized junior subordinated notes (hybrid) issuance that receives 50% equity treatment under our methodology," Ramzi Kattan, Moody's vice president, senior analyst and lead analyst for CPI, said in a news release.

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