S&P cuts MEPC debt

Standard & Poor's said it lowered its senior unsecured debt rating on MEPC Ltd. to B- from B+.

At the same time, the agency said it removed the senior unsecured debt rating from CreditWatch, where it was placed with negative implications on Aug. 9, 2004.

In addition, the B+ corporate credit rating on the group was affirmed. The outlook remains negative.

S&P said the ratings on MEPC reflect its very aggressive financial profile and a relatively high, although reducing, portfolio vacancy rate, adding the ratings are supported, however, by the company's strong position in good-quality U.K. business parks with limited development exposure.

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