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Standard and Poor’s on Wednesday affirmed triple-’B'-minus corporate credit ratings on San Diego, Calif.-based Pan Pacific Retail Properties Inc., and Emeryville, Calif.-based Western Properties Trust.

Pan Pacific this week announced its acquisition of Western Properties, which creates the largest neighborhood shopping-center real estate investment trust in the Western U.S. As one entity, it would own 110 properties representing 2,100 tenants, and have a market cap in excess of $1.3 billion.

Under the acquisition agreement, each Western share will convert into 0.62 Pan Pacific Share. Pan Pacific will also assume $125 million of Western’s senior notes and $10 million in mortgage debt.

S&P projected a stable outlook for both companies.

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