Moody's to review Centro debt for potential downgrade by: Jane Harper From: Herald Sun November 30, 2011 12:00AM
RATINGS agency Moody's has put debt issued by Centro Shopping Centre Securities on review for a potential downgrade.
Moody's announced the move last night, citing an objection lodged by PricewaterhouseCoopers in the New South Wales Supreme Court to the proposed restructuring of the Centro companies.
Shareholders in Centro Properties and Centro Retail last week approved merger plans, with senior lenders taking a 70 per cent stake in the combined business.
Company directors had warned that Centro Properties faced insolvency if the deal was not approved.
Moody's said it would conclude the review when the result of the court case was determined.
It announced the review after the market closed.
Centro Retail shares closed at 31c yesterday.
CER Price at posting:
31.0¢ Sentiment: Hold Disclosure: Held
