OREANDA-NEWS. August 31, 2015. Fitch Ratings has withdrawn the existing ratings for Excel Trust, Inc. and its operating partnership Excel Trust, L.P. (collectively, Excel) following its completed acquisition by an affiliate of Blackstone Property Partners, L.P.

KEY RATING DRIVERS

The ratings withdrawal reflects that Excel's rated obligations were pre-funded, repaid early or cancelled.

KEY ASSUMPTIONS

--Fitch will not have access to sufficient information to rate the issuer going forward.

RATING SENSITIVITIES

Not applicable.

LIQUIDITY

Not applicable.

FULL LIST OF RATING ACTIONS
The following ratings have been withdrawn:

Excel Trust, Inc.
--Issuer Default Rating (IDR) 'BBB-'; Rating Watch Negative;
--Preferred stock 'BB'.

Excel Trust, L.P.
--IDR 'BBB-'; Rating Watch Negative;
--Senior unsecured notes 'BBB-';
--Unsecured revolving credit facility 'BBB-'.