Fitch confirms Centro

Fitch Ratings said it maintained Centro NP LLC's issuer default rating at CCC, $350 million revolving bank credit facility at CC/RR6 and $830 million senior unsecured notes at CC/RR6. Centro was formerly New Plan Excel Realty Trust.

Ratings reflect the financial difficulties of parent company Centro Properties Group in connection with the refinancing of more than $2.3 billion of debt due to dislocations in the credit markets, the agency said.

Concerns are the company's liquidity and refinancing issues and do not pertain to the operating performance, Fitch noted.

The portfolio of needs-based, grocery-anchored shopping centers across the United States is performing well and expected to be well positioned in an economic slowdown, the agency said.

The strong geographic and tenant diversity of the portfolio helps insulate the company from regional downturns or tenant credit deterioration, Fitch said. The company also has seasoned executive and regional management teams and a strong regional infrastructure, the agency said.

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