concerned with lack of disclosure/proactivity

Below is recent correspondence between Investor Services and myself. My issue is in relation to the Moody's downgrade of 3 small tranches of debt. Please read on. I posted the ann made by Moody's on here last week. Also can be read below.

http://wotnews.com.au/announcement/centro_shopping_centre_securities_limitedcmbs_series_2006_1_centro_cmbs_series2006_1_rating_action_21july_2009/00970623/




Dear xxxxxx,

I refer to your response last Friday.

I am concerned with the vacuum of news reported on this issue by Centro, which has allowed various media forums to belittle Centro in the same manner it has done so in the past 18 months similarly to a defenceless child being picked on in the schoolyard. (See below) Unfortunately the market may have misconstrued the news and drawn an irrational conclusion on the matter.

The trust/CNP could have clarified the issue via a press release to the market emphasising the fact that the tranches that were downgraded were the three smallest tranches and the ratings on the 4 largest tranches which make up about 85% of the debt were affirmed.

The trust should have been proactive and made an imminent release emphasing the above point.

Below is the article published in the AFR with a headline I find most concerning and misleading.

Kind regards,
xxxxx

CMBS downgraded
Monday, 27 July 2009 | The Australian Financial Review | Ben Wilmot
Centro Properties Group has been hit by downgrades from Moody's on some tranches of commercial mortgage-backed securities worth about $830 million, secured against properties owned by its managed funds.

http://www.afr.com/home/login.aspx?ATL://20090727000031382687§ion=Market%20Wrap

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From:
Sent: Friday, 24 July 2009 9:40 AM
To:

Subject: RE: Moody's ann on CMBS Series 2006-1 should be announced to ASX



Dear xxxx,

Thank you for your e-mail.

The announcement was made to the market under the CMBS; the ASX ticker code for the CMBS is CMB.ASX.
If you have any further queries, please contact Investor Services on 1800 802 400 or email [email protected].
Kind regards,



From:

Sent: Thursday, 23 July 2009 4:15 PM
To: Investor Services
Cc:
Subject: Moody's ann on CMBS Series 2006-1 should be announced to ASX
Importance: High

xxxxxx,

Please note the attached announcement made by Moody's yesterday and the announcement made by S&P on 26 March 2009.

Why was the S&P report announced to the market as a market sensitive announcement on 26 March 2009 and the announcement made by Moody's not announced to the market at all?

The announcement made by Moody's is highly relevant to CER or just as relevant as the announcement made by S&P.

Regards,
xxxxxx