CNP 0.00% 4.0¢ cnpr group

fitch ratings: positive on american assets

  1. 628 Posts.
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    The rating concerns continue to center on CNP's liquidity and refinancing issues and do not pertain to the operating performance of Centro NP. The portfolio of needs-based, grocery-anchored shopping centers across the U.S. is performing well and expected to be well positioned in an economic slowdown. The strong geographic and tenant diversity of the portfolio helps insulate the company from regional downturns or tenant credit deterioration. Furthermore, Centro NP has seasoned executive and regional management teams and a strong regional infrastructure.

    Fitch views positively the appointment of Glenn Rufrano, the CEO of New York-based Centro NP, to CEO of Centro Properties Group and his success to-date in negotiating with lenders for the extension. However, significant challenges and uncertainties remain as CNP continues to explore strategies to present to lenders by the April 30, 2008 deadline that will enable CNP to ultimately repay these short-term facilities and also create a more viable company by lowering overall debt levels. CNP is exploring strategic options including an infusion of equity interests and/or asset sales.

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