Moody's lowers LNR

Moody's Investors Service said it downgraded LNR Property Corp.'s senior bank credit facility and corporate family rating to B3 from B2, and placed the ratings under review for downgrade.

The outlook was stable.

The downgrade reflects the accelerated deterioration in asset quality of the company's commercial mortgage-backed securities and real estate investments as a result of the pressures on commercial real estate fundamentals and the credit markets, according to the agency.

Moody's said that the ratings reflect LNR's strong franchise, its proven track record of turning around underperforming property assets and its long-established operating platform.

Ratings also consider the aggressive financial leverage and complex capital and legal structure of LNR Property Holdings Ltd., LNR Property Corp. and their affiliates, the agency noted

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