Research Update: LNR Property LLC 'BB-' Rating Placed On CreditWatch Developing After Owners Agree To Sell The Company Jan 13

Standard & Poors, January 2013

Abstract
The owners of LNR Property have agreed to sell the company to Starwood Property Trust and an affiliated private equity fund. We are placing our issuer and issue-level ratings on LNR on CreditWatch with developing implications. When the sale closes, we will resolve the CreditWatch on our issuer credit rating on LNR based on our assessment of its business and financial positions under Starwood's ownership. We will likely withdraw our issue-level ratings on LNR at that time since we expect that debt to be repaid as part of the transaction. On Jan. 24, 2013, Standard & Poor's Ratings Services placed its 'BB-' issuer credit rating on LNR Property LLC on CreditWatch with developing implications. We also placed our 'BB+' ratings...

Companies mentioned in this report are:
- LNR Property LLC

Action: On CreditWatch:Developing

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.

- LNR Property LLC

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