S&P: Simon Property unaffected

Standard & Poor's said its ratings on Simon Property Group Inc. (BBB+/stable) and all related entities, including CPG Partners LP, are not affected by the company's recent consent solicitation eliminating reporting obligations under the outstanding CPG bonds.

Although transparency into the financial performance of its CPG subsidiary will be reduced, the rating on CPG will continue to reflect the credit profile of its parent, the agency said.

All other terms, including CPG's relatively restrictive financial covenants, will remain unchanged, S&P said.

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