S&P: BPO Properties on Watch Pos On Proposed Merger.Business Editors TORONTO--(BUSINESS WIRE)--April 29, 2003 Standard & Poor's Ratings Services Ratings Service A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. today placed all ratings on BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra Properties Ltd. on CreditWatch with positive implications, including the 'BBB-' long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. issuer credit rating and the 'BB' global scale and 'P-3' Canadian national scale preferred share ratings on the company's five series of preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . The CreditWatch placement reflects the announcement by Brookfield Properties Brookfield Properties Corporation TSX: BPO NYSE: BPO is a Toronto-based North American commercial real estate company. Brookfield Asset Management owns 50% of its outstanding common shares. Corp. (BBB/Stable/--) of a proposed going-private transaction that would merge BPO Properties with a subsidiary of Brookfield. Under the terms of the offer, the preferred shares of BPO Properties will remain outstanding. Brookfield's equity interest in BPO Properties is 92%. Should the shareholders of BPO Properties approve the offer, the issuer credit rating would be withdrawn and the preferred shares would benefit, by one notch notch (noch) incisure; an indentation on the edge of a bone or other organ. aortic notch dicrotic n. cardiac notch 1. , from the higher corporate credit quality of Brookfield. The proposed offer will be voted on by shareholders on June 18, 2003, at which time, Standard & Poor's will reevaluate the CreditWatch listing.
RATINGS PLACED ON CREDITWATCH POSITIVE
Rating
To From
BPO Properties Ltd.
Issuer credit rating BBB-/Watch Pos/-- BBB-/Stable/--
Preferred shares
C$45 million 70% cum. redeemable series G
C$96 million 70% cum. redeemable series J
C$150 million 0.4% cum. redeemable series K
C$71 million 70% cum. redeemable series M
C$20 million 0.4% cum. redeemable series N
Canadian scale P-3/Watch Pos P-3
Global scale BB/Watch Pos BB
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