Plaza Regulatory News (PLAZ)

30 May 2007 10:32

Plaza Centers N.V.30 May 2007 30 May 2007 PLAZA CENTERS AWARDED STANDARD & POOR'S A+/POSITIVE RATING TO RAISE UP TO $400 MILLION OF NEW DEBT Plaza Centers N.V. ("Plaza" or the "Company"), a leading emerging marketsproperty developer with operations both in Central and Eastern Europe ("CEE")and in India, today announces that Maalot, The Israel Securities Rating CompanyLtd. and an affiliate of Standard & Poor's Rating Services,, has approved arating of "A+/positive", for Plaza to raise new debt up to the amount of US$400million. Plaza now has the financial flexibility to issue corporate bonds in the IsraeliInstitutional Market in order to finance its continued growth, as an alternativeto raising funds through the equity markets. In the event that the Companydecides to proceed with such an offer in the future, it anticipates that itsdebentures would be linked to the Israeli Consumer Price Index, while the exactrate of interest would be determined at tender. As the Company's functional currency is the Euro, and if bonds are raised, theCompany intends to hedge the future obligation to correlate with the Euro. A full copy of Maalot's report is available at http://www.plazacenters.com/financial_reports.html. Commenting on the approval, Ran Shtarkman, President and CEO, Plaza Centers N.V.said: "We are very pleased to have been rated A+/positive by Maalot, the Israeliaffiliate of Standard & Poor's and the leading recognised rating agency inIsrael. The rating demonstrates the confidence shown by a neutral internationalrating agency in Plaza's performance and successful track record which has beenbuilt up for more than ten years. "During this period, the Company has developed and let a total of 23 shoppingand entertainment centres, and successfully sold these assets to majorinternational investors. With this flexibility to raise funds through the bondmarkets in the future, Plaza will be well placed to bring to fruition itsconstantly evolving pipeline. If the debentures are issued, we expect it to beat a very favourable interest rate. The A+/positive rating enhances Plaza'sability to achieve its future objectives and to further diversify and enrich theCompany's portfolio through the development of high quality shopping andentertainment centers and other mixed used projects both in the CEE and India." For further details please contact: PlazaMordechay Zisser, Chairman +972 3 6086000Ran Shtarkman, President and CEO +36 1 462 7221Roy Linden, CFO +36 1 462 7105 Financial DynamicsStephanie Highett/ Dido Laurimore/ Adam Leviton +44 20 7831 3113 Notes to Editors • Plaza Centers N.V. (www.plazacenters.com) is a leading emergingmarkets developer of shopping and entertainment centres, focusing onconstructing new centres and, where there is significant redevelopmentpotential, redeveloping existing centres, in both capital cities and importantregional centres. The Company is an indirect subsidiary of Elbit Medical ImagingLtd. ("EMIL"), an Israeli public company whose shares are traded on both the TelAviv Stock Exchange in Israel and the NASDAQ Global Market in the United States. • Plaza Centers is a member of the Europe Israel Group of companieswhich is controlled by its founder, Mr Mordechay Zisser. It has been active inreal estate development in emerging markets for over 10 years. This information is provided by RNS The company news service from the London Stock Exchange