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First Capital Realty Inc. -- Moody's downgrades First Capital to Baa3; rating outlook stable

Moody's Investors Service ("Moody's") today downgraded the senior unsecured ratings of First Capital Realty Inc. ("First Capital") to Baa3 from Baa2. Today's action follows First Capital's announcement that it received shareholder approval for the proposed CAD$742 million debt-financed share repurchase, which is a conditional step in a deal that would reduce First Capital's principal owner Gazit-Globe Ltd.'s (unrated, "Gazit") ownership stake to 9.9% from 31.3% currently.