Moody's notes that this liquidity is a positive and is significant in relation to its debt and preferred stock The rating firm, based here, states that is has placed a developing rating outlook on the stapled-stock REIT because it has virtually no current operations and has hired a financial consultant to advise it on its options regarding acquisitions, investment and business combinations. These factors have created doubts about First Union's future capital structure and business plans and whether it can maintain its status as a REIT.
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