Corio N.V. -- Moody's upgrades Corio's senior unsecured ratings to Baa1, ratings remain under review for upgrade

London, 15 January 2015 -- Moody's Investors Service today upgraded the senior unsecured long term ratings of Corio N.V. as well as its backed long-term instrument ratings to Baa1 from Baa2 and has maintained the ratings under review for potential further upgrade. The company's P-2 short term rating is unaffected by this action and remains on review. The rating action follows Klépierre S.A.'s (unrated) declaration of its previously announced recommended public exchange offer for all of Corio's issued and outstanding ordinary shares unconditional as a result of 84.07% of Corio shares having been tendered pursuant to the offer. As a consequence, Corio has effectively become a subsidiary of Klépierre under the initial step of the previously announced merger transaction. Under a second step of the merger agreement to be completed by late March 2015 it is expected that Corio will be merged with and into Klépierre S.A. with the debt of Corio becoming direct liabilities of Klépierre.

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