Research Update: Brixmor LLC Ratings Raised On Lower Leverage Under New Parent Oct 11

Standard & Poors, October 2011

Abstract
BRE Retail Holdings Inc. acquired Brixmor Property Group (which includes Brixmor LLC along with other related U.S. assets and a management platform) on June 28, 2011. The $9.0 billion transaction delevered the acquired entities by roughly $1.0 billion, eliminated previous structural and reporting complexities, and improved Brixmor Property Group's liquidity. We raised our corporate credit and issue ratings on Brixmor LLC to 'B' and removed them from CreditWatch, where we had placed them with positive implications on March 2, 2011. The outlook is stable. On October 7, 2011, Standard & Poor's Ratings Services raised its corporate credit and unsecured debt ratings on Brixmor LLC to 'B' from 'CCC+' and removed them from CreditWatch, where we placed them with positive implications...

Companies mentioned in this report are: Brixmor LLC
Action: Removed From CreditWatch
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Brixmor LLC

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