Elizabeth Campbell, a director for Standard & Poor's, noted that this was a normal procedure since Pacific Gulf has no investors left in rated securities.

"We rate debt and preferred stock of which thiscompany had neither," Campbell says. "They used to have some convertible stock "

At a special meeting held earlier this month, Pacific Gulf shareholders voted to approve the company's plan for liquidation. The firm will sell most of its portfolio of industrial properties to CalWest Industrial Properties for $856.9 million. The company also has some deals working for the sale of its remaining multifamily property portfolio. Additionally, the shareholders approved selling off the remainder of the company's assets and to liquidate and dissolve the company.