Fitch Withdraws Excel Trust's Ratings On Privatization

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has withdrawn the existing ratings for Excel Trust, Inc. and its operating partnership Excel Trust, L.P. (collectively, Excel) following its completed acquisition by an affiliate of Blackstone Property Partners, L.P.

KEY RATING DRIVERS

The ratings withdrawal reflects that Excel's rated obligations were pre-funded, repaid early or cancelled.

KEY ASSUMPTIONS

--Fitch will not have access to sufficient information to rate the issuer going forward.

RATING SENSITIVITIES

Not applicable.

LIQUIDITY

Not applicable.

FULL LIST OF RATING ACTIONS

The following ratings have been withdrawn:

Excel Trust, Inc.

--Issuer Default Rating (IDR) 'BBB-'; Rating Watch Negative;

--Preferred stock 'BB'.

Excel Trust, L.P.

--IDR 'BBB-'; Rating Watch Negative;

--Senior unsecured notes 'BBB-';

--Unsecured revolving credit facility 'BBB-'.

Note: Subsequent to the most recent committee, the Committee Chairperson was assigned as the Primary Analyst.

Related Committee Date: April 14, 2015

Additional information is available on www.fitchratings.com

Applicable Criteria

Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage (pub. 17 Aug 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=869362

Recovery Ratings and Notching Criteria for Equity REITs (pub. 18 Nov 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=813628

Treatment and Notching of Hybrids in Non-Financial Corporate and REIT Credit Analysis (pub. 25 Nov 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=821568

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=990102

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150828005553/en/

Fitch Ratings
Primary Analyst
Steven Marks
Managing Director
+212 908-9161
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Stephen Boyd, CFA
Director
+212 908-9153
or
Committee Chairperson
Steven Marks
Managing Director
+1-212-908-9161
or
Media Relations:
Sandro Scenga, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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